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