Portsmouth (pronounced “Port-smuth”) is an independent city located in the U.S. Commonwealth of Virginia. As of the 2000 census, the city had a total population of 100,565, but a July 1, 2002 Census estimate showed the city’s population dropping to 99,790.
The Norfolk Naval Shipyard, often called the Norfolk Navy Yard, is a historic and active U.S. Navy facility which is actually located in Portsmouth, despite its name. The shipyard builds, remodels, and repairs the Navy’s ships of all types.
Portsmouth has miles of waterfront land on the Elizabeth River as part of the harbor of Hampton Roads. A bright spot in Portsmouth’s economic outlook is a new marine terminal for container ships scheduled to open in 2007 in the West Norfolk section.
(excerpt taken from Wikipedia: http://en.wikipedia.org/wiki/Portsmouth%2C_VA)
The tax formula for tax year starting July 1, 2006 is:
Assessment x tax rate = tax bill
Tax Rate: $1.22 per $100
Property Value: $100,000
$100,000 x .0136 = $1,360 annual tax bill
(rate taken from http://www.portsmouthva.gov/assessor/collectionandrates.htm)