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General Property Taxes General property taxes account for approximately 61% of General Fund revenue and consist of taxes on real estate, personal property (i.e. airplanes, boats, cars, trucks, trailers, mobile homes, recreational vehicles and machinery and tools), public service corporation taxes, and penalties and interest. Real estate tax revenue is the City’s largest source of revenue, comprising 48% of General Fund revenue. A 2% or $2.4M increase in real estate tax revenue is projected in FY 20 which is attributed to assessed value growth and new construction. The assessed value of real estate increased 2.1% due to reassessment. Assessed value growth of existing properties accounted for 1.17% of the increase, while new construction garnered .92% of the total increase in assessed value. The real estate tax rate will remain at $1.11 per $100 of assessed value in FY 20. Personal property tax revenue, which accounts for nearly 10% of General Fund revenue, is projected to increase 6% or $1,300,000 in FY 20. The projected increase is based on analysis of current assessed values and historic trends.

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Profile for City of Suffolk, Virginia

Adopted FY20 Operating and Capital Budget  

Adopted FY20 Operating and Capital Budget