The Metropolis of Richmond, Virginia, levies an annual tax on autos registered inside its limits. This tax is predicated on a automobile’s assessed worth, decided by the Commissioner of the Income utilizing a acknowledged pricing information like JD Energy. For instance, a automobile assessed at $10,000 may incur a tax legal responsibility of a number of hundred {dollars}, with the exact quantity relying on the present tax fee set by the town council.
This tax serves as a major income for Richmond, contributing to important metropolis providers similar to faculties, highway upkeep, and public security. Traditionally, property taxes, together with these on autos, have been a cornerstone of municipal funding. Dependable income streams like this allow the town to keep up infrastructure and supply very important providers to residents.