Residents of Hampton, Virginia, are topic to an annual levy on sure tangible possessions, together with autos, boats, and enterprise gear. This evaluation is predicated on an merchandise’s assessed worth, and the speed is ready yearly by the town council.
These revenues represent a good portion of Hampton’s native finances, funding important public companies comparable to colleges, public security, infrastructure upkeep, and group packages. The system goals to distribute the monetary accountability for these companies equitably amongst residents based mostly on their asset possession. Traditionally, property taxes have performed a significant position in funding native governments throughout the Commonwealth of Virginia.