Here’s a Look at Why Richmond Taxpayers Must Look Forward For A Rebate
After an unexpectedly large rise in assessed value, the Richmond City Council has formally announced the approval of a plan to rebate property taxes to give taxpayers some relief. Some may feel upset about 5 cents per $100 of assessed value, but not all, as the average of 13% rise in property values of high taxes faces homeowners this year.
Instead of decreasing the property tax rate, Congress opted for a rebate that remained at $1.20 per $100. The $1.20 rate means a tax bill of $4,020 if a house value assessed at the current median deals price for the city is $335,000. If that home’s assessed valuation rose by the city’s average of 13%, its owner’s taxes would be up from last year’s $3,558.
According to a published post by Richmond Times-Dispatch, the 5-cent reimbursement, which will arrive before the council later this year, changed to $167.50 for that house.
Why Taxpayers Must Look Forward For A Rebate
In February, property owners will obtain rebate checks. Utilize over $18 million financial surplus remaining at the end of the 2022 fiscal year on June 30 to pay rebates, which was authorized by the council.
According to Chief Administrative Officer, Lincoln Saunders, a $1.20 rate cut was unwise given the potential economic downturn looming. Several Virginia city residents, including Richmond, suffered just that double hit after the 2008 Great Recession.
Individually, the council consented to a resolution for consideration of a new regulatory approach for convenience stores. Currently, they are treated like supermarkets under zone codes, but councilors Ellen Robertson and Ann-Frances Lambert want them to be treated on a different basis.
They cited public safety situations and the fact that stores do not offer a wide range of new foodstuffs.