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Why some city leaders hope to lower the Richmond real estate tax

Posted at 5:05 PM, Sep 12, 2022

RICHMOND, Va. -- Two Richmond City Council members are proposing a real estate tax reduction to give some relief to Richmond homeowners. Some of those homeowners have reported double digit tax assessment rate increases for each of the last two years.

Council members Reva Trammell and Kristen Nye are proposing lowering Richmond real estate tax by four cents.

Right now, it's $1.20 per $100.

Overall, Richmond saw about a 13% increase in taxable real estate citywide this year. In some places, assessments went up by more than 40%.

Nye said this approach would likely provide more immediate relief to residents come next year's tax assessments, but would also still bring in revenue to the city.

"I think it's important that we're looking at this reduction, but at the same time we're not squeezing the city so tight that we can't afford to provide the services we need for our employees and our residents," Nye said. "If we're making a tax cut, we need to be conservative so that if we do go into a Recession, then we wouldn't be left with low revenue and not being able to provide city services to our residents."

The proposal will be introduced at Monday night's Richmond City Council meeting. There is no vote or discussion expected to follow.

Nye said there would be opportunities for public comment on the proposal, and that she encouraged the community to voice their concerns or ideas regarding potential tax reductions going forward.

This is a developing story, so anyone with more information can email newstips@wtvr.com to send a tip.

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