The City of Richmond, Virginia, levies an annual tax on tangible personal property owned by individuals and businesses. This includes items such as vehicles, boats, trailers, and business equipment. For example, a resident owning a car and a boat would pay taxes on both based on their assessed values.
These revenues are vital for funding essential city services such as schools, public safety, and infrastructure maintenance. Historically, property taxes have been a cornerstone of municipal finance, providing a stable revenue stream to support local government operations and community development. This levy allows the city to invest in its citizens and maintain a high quality of life.