The City of Charlottesville, Virginia, levies an annual tax on tangible personal property owned by residents and businesses. This includes items such as vehicles, furniture, machinery, and business equipment. A vehicles assessed value is typically based on its clean loan value as determined by the National Automobile Dealers Association (NADA). Businesses must declare their eligible inventory and equipment, while residents typically declare vehicles and, in some cases, trailers or watercraft.
This revenue stream plays a vital role in funding essential city services such as public education, infrastructure maintenance, and public safety. The specific rate and assessment methods have evolved over time, reflecting changes in both the citys needs and state legislative guidelines. Accurate and timely payment ensures the continued delivery of these critical services and helps maintain the city’s financial stability.
