In Chesterfield County, Virginia, residents owning tangible personal property like vehicles, boats, and business equipment are subject to an annual levy. This assessment is based on the property’s value as of January 1st each year. For example, a resident owning a car and a boat will receive a bill based on the combined assessed value of those items.
These revenues are vital for funding essential county services such as schools, public safety, and infrastructure maintenance. Historically, this form of taxation has been a cornerstone of local government funding, enabling localities to provide services directly impacting the community. A well-maintained system of assessment and collection ensures the equitable distribution of the tax burden and contributes to the overall financial health of the county.