RICHMOND, VA (WWBT) - Richmond Mayor Dwight Jones will propose the first cut in the city's real estate tax rate in seven years at a press conference Tuesday morning.
The mayor will call for the rate to drop from $1.20 to $1.19 for 2015, which would save property owners in the city $10 annually for every $100,000 in assessed value of their homes. The measure will be discussed at Monday's City Council meeting and would require the council's approval.
"We enthusiastically embrace this sign of growth in our city. Providing tax relief for city homeowners is an important priority -- a tool to help attract and retain families in the city," reads an excerpt of the mayor's comments provided in advance by his office. "And even though this is a very modest adjustment, it is an adjustment that we welcome because anything we can do to reduce the tax burden on people is what we want to focus on."
The mayor will also speak to the need for school funding, including convening a financial working group Tuesday afternoon to discuss the issue.