Posted by Phil Riggan - email
HOPEWELL, VA (WWBT) - It looks like the personal property tax rate in Hopewell is going up $0.45.
On a 4-3 vote last night, city council approved raising the rate to $3.50, from it's current $3.05.
Leaders say the hike is needed to offset a $600,000 revenue loss caused by the depreciating value of taxable items.
A second vote on the matter will take place in October.