The Campbell County Fiscal Court voted on Wednesday to approve a 2024 tax rate of 16.50 cents per $100 of valuation, down from 16.70 cents per $100.
The tax rate levied last year produced gross revenues of $12,521,219. The lower rate of 16.5 is estimated to produce gross revenues of $13,366,833.
This year’s compensating rate is 16.3, and it is estimated to produce gross revenues of $13,204,811. The compensating tax rate, at a minimum, allows the same tax revenue produced in the preceding year.
Property taxes are broken down into several categories. The first and usually largest chunk of your tax bill is real property tax, sometimes referred to as real estate property tax. This is essentially a tax on everything you own that’s nailed down. For residents, this means houses and other real estate property. For businesses, this means office buildings and other buildings and facilities used to conduct business.
Tangible personal property, on the other hand, is another form of property that isn’t real estate. Depending on where you live, residents may not be taxed on personal property at all–this will vary by jurisdiction.
Depending on where you live, other tax-adjacent fees may apply.
How do property taxes work?
Gross revenue expected from new real property is $257,000, gross revenue expected from personal property is $801,000, gross revenue expected from motor vehicles is $1,074,422 and gross revenue expected from watercraft is $23,801. Real property consists of land and any permanent structures on that land. Real property taxes are assessed on agricultural, commercial, industrial, residential and utility property.Â
According to Campbell County Fiscal Court Finance Director/Treasurer Laura Lewis, revenue received in excess of last year’s revenue will be used for continuing operations costs, retirement contributions, inflationary increases and expenses for general government purposes.
The fiscal court held a public hearing for the new tax rate at its Aug. 21 meeting. No members of the public spoke.