The true property levy imposed by the municipal authorities of Norfolk, Virginia, funds important metropolis companies akin to public colleges, emergency companies, parks, and infrastructure upkeep. For instance, a home-owner’s annual fee is calculated by making use of the present charge to the assessed worth of their residence.
This income stream performs an important position in sustaining town’s operational funds and guaranteeing the supply of important companies to residents. Historic adjustments in charges replicate evolving group wants and priorities. Steady and predictable funding derived from this supply permits for long-term planning and funding in group improvement.
