The levy imposed on actual property situated inside a selected Virginia locality funds important public providers resembling colleges, public security, and infrastructure upkeep. This levy is calculated by multiplying the assessed worth of a property by a selected share decided yearly by the native authorities. For instance, a property assessed at $300,000 with a price 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 function within the general monetary well being of the neighborhood. Historic charges and their fluctuations replicate altering neighborhood 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 concerning property possession and neighborhood improvement.