The annual levy imposed on actual property inside the Metropolis of Chesapeake, Virginia, is decided by the town council and expressed as a greenback quantity per $100 of assessed worth. For instance, a price of $1.20 per $100 of assessed worth on a property assessed at $300,000 would end in an annual tax of $3,600. This income funds important metropolis companies similar to colleges, public security, and infrastructure upkeep.
Actual property taxation offers the first funding mechanism for native governments in Virginia. The soundness and predictability of this income stream enable for long-term planning and funding in group assets. Traditionally, property taxes have performed an important function in shaping the event and monetary well being of municipalities. Understanding how these levies are decided and utilized is essential for householders, companies, and traders.