Residents of Hampton, Virginia, are topic to an annual levy on sure tangible possessions, together with automobiles, boats, and enterprise tools. This evaluation relies on an merchandise’s assessed worth, and the speed is about yearly by town council.
These revenues represent a good portion of Hampton’s native funds, funding important public providers resembling faculties, public security, infrastructure upkeep, and group applications. The system goals to distribute the monetary duty for these providers equitably amongst residents based mostly on their asset possession. Traditionally, property taxes have performed an important function in funding native governments throughout the Commonwealth of Virginia.