No change to Richmond’s real estate tax rate but rebate checks could come next year

RICHMOND, Va. (WRIC) — Richmond’s City Council voted to keep the city’s real estate tax rate the same for next year but appears poised to approve a rebate for property owners who are expected to see their bills rise.

The council approved an ordinance Monday to maintain the rate at $1.20 per $100 of assessed value after considering proposals to drop it to $1.16 and $1.10. While those measures failed, the Richmond City Council will vote on a rebate proposed by Mayor Levar Stoney.

The one-time rebate, formally introduced during Monday’s council meeting, would equal five cents per $100 of a city property’s assessed value.

When he announced his proposal, Stoney said the $18 million used for it would come from the city’s surplus at the end of the fiscal year 2022.

Calls to cut Richmond’s real estate tax rate have grown since the average assessed value of a home in the city increased by 13.04% for 2023

A city resident with property assessed at $400,000 would have an annual tax bill of $4,800 under the city’s current tax rate. If Stoney’s rebate proposal is approved, it would mean a $200 check to the property owner.

With a possible 13% increase in assessed value, that property owner would pay $624 more than the year before. Some city neighborhoods saw property values jump by 35%, and others had increases below the 13% average.

With seven of the nine city councilmembers signed on as patrons, Stoney’s proposal is expected to pass later this year, and rebate checks could be sent early next year.

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