RICHMOND, Va. -- Richmond property owners will soon get a bit of a tax rebate with the help of a new program. Mayor Levar Stoney announced the "Five Back Program" on Wednesday during a news conference.
Stoney said the proposal will use up to $18 million in the fiscal year 2022 surplus dollars to provide the one-time five percent tax rebate for property owners in the city, the equivalent of a five percent property tax reduction.
According to Stoney, a property owner with a home assessed at $300,000 and a real estate tax of $4,200 would receive a one-time rebate of $175.
The rebate will come in the form of a check and will be mailed to residents by early next year. Stoney said the city council will introduce an ordinance to commit money from the 2022 surplus to fund the program on November 14.
"Folks, as I said before, this administration is about the fix. Our five back initiative strikes the right balance of providing relief to taxpayers while being fiscally responsible in meeting our obligations, maintaining our delivery of services and protecting our city's strong financial standing," Stoney said.
Stoney said the city can't permanently cut the tax rate because it would impact the ability to provide core services. However, he said the five back initiative strikes a balance and provides some relief.
Stoney added that the city is working on ways to provide long-term tax relief to the vulnerable population and to keep tax assessments level in the future.
