The annual levy imposed on real estate within the City of Chesapeake, Virginia, is determined by the city council and expressed as a dollar amount per $100 of assessed value. For example, a rate of $1.20 per $100 of assessed value on a property assessed at $300,000 would result in an annual tax of $3,600. This revenue funds essential city services such as schools, public safety, and infrastructure maintenance.
Real estate taxation provides the primary funding mechanism for local governments in Virginia. The stability and predictability of this revenue stream allow for long-term planning and investment in community resources. Historically, property taxes have played a vital role in shaping the development and financial health of municipalities. Understanding how these levies are determined and applied is crucial for homeowners, businesses, and investors.