What is a Property Tax Levy?

A Property Tax Levy is a charge imposed on a property owner by a municipal, county, or state government. This charge is based on the value of the property and is usually calculated as a percentage of the assessed value of the property. In Virginia, the property tax rate is set by the local government and is charged for the maintenance of the local community, such as the funding of schools, libraries, and roads. When a Property Tax Levy is imposed, the local government assesses the value of the property and then applies the tax rate to the assessed value of the property. This amount is then due in full from the property owner by a predetermined deadline. If a property owner fails to pay their Property Tax Levy by the designated date, they can face fines and other penalties. In Virginia, Property Tax Levies are imposed on an annual basis. While the exact tax rate will vary by municipality, it is typically a flat rate that is applied to all properties regardless of their assessed value. The amount of taxes owed is based solely on the assessed value of the property and not on the amount of income the owner makes. Property Tax Levies are an important source of income for local governments in Virginia and help to fund the services and programs that are vital to their local community. By paying their Property Tax Levy, property owners in Virginia are able to contribute to their community’s upkeep and well-being.

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What is a Property Tax Levy?

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