Competing Richmond property tax relief proposals to be heard this week
RICHMOND, Va. (WWBT) - Competing tax proposals looking to lower the current property tax rate by four and 10 cents respectively will go head to head at Richmond City Hall Thursday.
The real estate tax rate is $1.20 per $100 of assessed value, and there’s a push to keep it there. But, two other proposals would lower the rate: one by four cents, the other by 10 cents.
“I mean, but come on. The problem is bigger than this little band-aid of lowering the rate by a couple of cents,” said James Hamner, a Richmond homeowner.
Hamner says homes in his southside neighborhood are not selling anywhere near their assessed value. NBC12 met with him in September after he saw an increase of 13% for his own home and a whopping 35% for the rental property he owns. Hamner also says there should also be a yearly cap on assessment increase.
“What I’d like to see is the algorithm the city has to come up with these assessments that are so out of whack,” said Hamner.
On average, assessment values went up about 13%.
Areas like Manchester and Forest Hill saw more significant increases.
“I think making this small correction is something that will not have a huge financial impact on the city,” said Richmond City councilmember Kristen Nye.
Councilor Nye supports lowering the tax rate to $1.16 but no more than that.
Councilor Mike Jones could be on board, but he also says they need to change the internal process to have assessment information before budget decisions are made.
“We have got to do a better job of planning. We have to do a better job at proactive budgeting, so we can figure out what needs to happen, so we’re not going back behind ourselves frustrating simply the residents of the city,” said Jones.
The city’s finance and economic committee will meet on Thursday at 1 p.m. to review the proposals. Whichever moves forward will go before the council for a final vote in November.
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