The levy imposed on actual property situated inside a particular Virginia locality funds important public providers resembling faculties, public security, and infrastructure upkeep. This levy is calculated by multiplying the assessed worth of a property by a particular proportion decided yearly by the native authorities. For instance, a property assessed at $300,000 with a fee of 1.0% would incur an annual tax of $3,000.
This income stream is essential for the sustained provision of native providers and performs a big position within the total monetary well being of the group. Historic charges and their fluctuations mirror altering group wants and financial circumstances, offering priceless insights for property house owners and policymakers alike. Understanding the elements influencing these charges, resembling property assessments and budgetary necessities, permits for knowledgeable decision-making relating to property possession and group improvement.