The Campbell County Fiscal Court voted on Wednesday to approve a 2025 tax rate of 15.30 cents per $100 of valuation, down from last year’s rate of 16.50 cents per $100.
The compensating 2025 real property tax rate is 16.30 cents per $100 of assessed value, and it is the rate estimated to allow the same amount of tax revenue to be generated as in the preceding tax 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?
The rate of 15.3 is estimated to produce gross revenues of $13,252,724. The gross revenue expected to be collected with the 16.3 compensating rate is $14,118,915.
Gross revenue expected from new real property is $197,687, gross revenue expected from personal property is $835,349, gross revenue expected from motor vehicles is $1,097,369and gross revenue expected from watercraft is $24,754.
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