Residents of Hampton, Virginia, are subject to an annual levy on certain tangible possessions, including vehicles, boats, and business equipment. This assessment is based on an item’s assessed value, and the rate is set annually by the city council.
These revenues constitute a significant portion of Hampton’s local budget, funding essential public services such as schools, public safety, infrastructure maintenance, and community programs. The system aims to distribute the financial responsibility for these services equitably among residents based on their asset ownership. Historically, property taxes have played a vital role in funding local governments across the Commonwealth of Virginia.