Residents of Hampton, Virginia, are topic to an annual levy on sure tangible possessions, together with automobiles, boats, and enterprise tools. This evaluation is predicated 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 price range, funding important public providers corresponding to faculties, public security, infrastructure upkeep, and neighborhood packages. The system goals to distribute the monetary accountability for these providers 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.