Budget, taxes and utility rates
Where it standsThe $739 million FY 2027 budget took effect July 1, 2026; the real estate tax rate stayed at $1.24 per $100 and water, sewer and stormwater rates rose 5%.
What's on the tableThe next council will adopt the FY 2028 budget, including tax rates, utility rates and the city's contribution to schools.
- The council adopted a $739 million budget for fiscal 2027, including a $598 million operating budget and $140.8 million in capital spending. The Virginian-Pilot · May 15, 2026
- The real estate tax rate of $1.24 per $100 of assessed value and the personal property tax rate of $5 per $100 stayed the same. The Virginian-Pilot · May 15, 2026
- Water, sewer and stormwater rates increased by 5%. The Virginian-Pilot · May 15, 2026
- The operating budget ordinance passed 4-3, with Dodson, Thomas and Tillage voting no. City of Portsmouth · May 12, 2026