The annual levy imposed on actual property inside the Metropolis of Chesapeake, Virginia, is set by town council and expressed as a greenback quantity per $100 of assessed worth. For instance, a price of $1.20 per $100 of assessed worth on a property assessed at $300,000 would lead to an annual tax of $3,600. This income funds important metropolis companies resembling colleges, public security, and infrastructure upkeep.
Actual property taxation offers the first funding mechanism for native governments in Virginia. The steadiness and predictability of this income stream enable for long-term planning and funding in neighborhood assets. Traditionally, property taxes have performed a significant position in shaping the event and monetary well being of municipalities. Understanding how these levies are decided and utilized is essential for householders, companies, and buyers.