The levy imposed on actual property positioned inside a selected Virginia locality funds important public providers similar to faculties, 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 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 major function within the total monetary well being of the group. Historic charges and their fluctuations replicate altering group wants and financial circumstances, offering helpful insights for property house owners and policymakers alike. Understanding the components influencing these charges, similar to property assessments and budgetary necessities, permits for knowledgeable decision-making relating to property possession and group improvement.