The City of Richmond, Virginia, levies an annual tax on vehicles registered within its limits. This tax is based on a vehicle’s assessed value, determined by the Commissioner of the Revenue using a recognized pricing guide like JD Power. For example, a vehicle assessed at $10,000 might incur a tax liability of several hundred dollars, with the precise amount depending on the current tax rate set by the city council.
This tax serves as a significant source of revenue for Richmond, contributing to essential city services such as schools, road maintenance, and public safety. Historically, property taxes, including those on vehicles, have been a cornerstone of municipal funding. Reliable revenue streams like this enable the city to maintain infrastructure and provide vital services to residents.