Richmond making major changes to real estate tax - NBC12 - WWBT - Richmond, VA News On Your Side

Richmond making major changes to real estate tax

By Rachel DePompa - bio | email
Posted by Terry Alexander - email

RICHMOND, VA (WWBT) – By the end of the week, anyone who owns a home in the city will get a green flyer in the mail. It's a reminder, that in just five months, half of your real estate taxes for 2011 will be due.

For the first time since the 1960's, half of your property taxes in Richmond will be due in January. The city is taking your total real estate bill and dividing it in two. In 2011 you have pay property taxes to the city in January and June.

"You don't have that one lump payment that you typically would have in the June time period," said Richmond's Chief Administrative Officer of Finance, Marcus Jones.

Which is why the city is putting this flyer in the mail this week; to remind taxpayers the change is coming and to help them prepare.

"You don't want to get a bill in January and say, ‘what's this. I'm used to getting it in June.' So, what's important now is to set up the program, get the message out. So we can help the residents adjust to this new change," said Jones.

45% of taxpayers in Richmond have an escrow account and won't notice the change, but 55% of taxpayers will get hit with a bill, come January. If you don't have an escrow account, the city wants you to know, you have options. You can fill out an online application and start making payments towards your January bill, now.

The move to this system is expected to save the city $1.7-million a year, because the city would no longer have to borrow money.

"Borrowing money to make payroll. Not going to do that. This is going to help with the cash flow," said Jones.

Henrico, Chesterfield, and Hanover already have semi-annual tax payments. The first real estate tax payment for city residents is due January 14. You'll get your bill in December. For more information on the city's payment program call 804-646-7000.

Copyright 2010 WWBT NBC12. All rights reserved.

  • Latest news from NBC12.comNEWSMore>>

  • Here's what happened this weekend to make you smile

    Here's what happened this weekend to make you smile

    Sunday, June 24 2018 7:26 PM EDT2018-06-24 23:26:02 GMT
    Sunrise over the James River (Source: Joey Orencia)Sunrise over the James River (Source: Joey Orencia)
    Sunrise over the James River (Source: Joey Orencia)Sunrise over the James River (Source: Joey Orencia)
    IT'S BURGER WEEK BABY!  This weekend kicked off the long-awaited Burger Week in RVA, where restaurants all around the area offer $5 burger specials. Yes, you read that right -- ONLY $5 for these awesome burgers. It's the perfect way to eat out if you're on a budget! (That's right, we're talking to you college students).  Check out the full list of places and burgers. Photo of the Weekend: Who wouldn't want to wake up to this view?! Take a look at this sunrise o...More >>
    IT'S BURGER WEEK BABY!  This weekend kicked off the long-awaited Burger Week in RVA, where restaurants all around the area offer $5 burger specials. Yes, you read that right -- ONLY $5 for these awesome burgers. It's the perfect way to eat out if you're on a budget! (That's right, we're talking to you college students).  Check out the full list of places and burgers. Photo of the Weekend: Who wouldn't want to wake up to this view?! Take a look at this sunrise o...More >>
  • Police search for suspects after carjacking elderly woman

    Police search for suspects after carjacking elderly woman

    Sunday, June 24 2018 7:07 PM EDT2018-06-24 23:07:43 GMT
    The victims suffered non-life-threatening injuries. (Source: RNN)The victims suffered non-life-threatening injuries. (Source: RNN)
    The victims suffered non-life-threatening injuries. (Source: RNN)The victims suffered non-life-threatening injuries. (Source: RNN)

    Police are searching for three suspects after who they say carjacked an elderly woman in Chesterfield County. Officials said the incident happened in the 3400 block of Summerbrooke Drive around 5 p.m. on Sunday. According to police, a man and woman approached the woman in her driveway, taking her keys and cellphone. A third person showed a handgun and push her to the ground. The three left in her white 2015 Nissan Versa with Virginia license plate KDH-8100. Police said the carjack...

    More >>

    Police are searching for three suspects after who they say carjacked an elderly woman in Chesterfield County. Officials said the incident happened in the 3400 block of Summerbrooke Drive around 5 p.m. on Sunday. According to police, a man and woman approached the woman in her driveway, taking her keys and cellphone. A third person showed a handgun and push her to the ground. The three left in her white 2015 Nissan Versa with Virginia license plate KDH-8100. Police said the carjack...

    More >>
  • FIRST ALERT FORECAST: Threat of severe storms Sunday evening

    FIRST ALERT FORECAST:

    Sunday, June 24 2018 5:11 PM EDT2018-06-24 21:11:36 GMT

    Get the latest forecast from the NBC12 First Alert Weather team.

    More >>

    Get the latest forecast from the NBC12 First Alert Weather team.

    More >>
Powered by Frankly