Title
Ordinance to Adopt Tax Rates Applicable to All Classifications of Tangible Personal Property Liable for Such Levy in the City of Hampton, Virginia for the Calendar Year Beginning January 1, 2020
Purpose
PURPOSE/BACKGROUND:
Ordinance to adopt the tax rates applicable to all classifications of tangible personal property liable for such levy in the City of Hampton, Virginia as presented in the City Manager's Recommended Budget for Fiscal Year 2020.
Discussion:
This ordinance adopts tax rates applicable to any and all tangible personal property in the entire City, including Fort Monroe and the U.S. Government Reservations of Langley Field and the Kecoughtan Veterans Facility. No personal property tax rate increases are proposed. The generally applicable tax rate is four and 50/100 Dollars ($4.50) per $100.00 of assessed value. The tax rates applicable to the following categories shall be less than that rate, as permitted by Code of Virginia Sec. 58.1-3506: (1) certain classes of tangible personal property exempt from taxation pursuant to Hampton City Code ยง37-141 (applicable to certain household goods and personal effects); (2) vehicles without motive power used or designed to be used as a manufactured homes; (3) motor vehicles specially equipped to provide transportation for physically handicapped individuals; (4) machinery and tools; (5) machinery and tools used directly in the manufacture of precision investment castings; (6) privately owned pleasure boats and watercraft, 18 feet and over, used for recreational purposes only; (7) privately owned pleasure boats and watercraft, motorized and under 18 feet that are used for recreational purposes only; (8) privately owned pleasure boats and watercraft, nonmotorized and under 18 feet that are used for recreational purposes only; (9) boats or watercraft weighing less than five tons used for business purposes only; (10) boats or watercraft weighing five tons or more used for business purposes only; (11) ...
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