Richmond City Council maintains current real estate tax rate, rejects 4-cent reduction for 2025
RICHMOND, Va. (WRIC) -- The Richmond City Council voted along a narrow margin to maintain the current real estate tax rate, putting an end to a long battle between real estate tax relief plans. After multiple delays, the council made decisions on multiple real estate tax-related ordinances during a regularly-scheduled meeting on Tuesday, Nov. 12. The most heavily debated choice was whether or not to reduce the real estate tax rate for 2025. The established rate is $1.20 per $100, to which Councilwoman Reva Trammell proposed a 4-cent reduction, as she argued that Richmonders needed additional relief in this current economic climate. PREVIOUS: Richmond City Council torn between real estate tax relief plans Following a heated discussion, Trammell's $1.16 per $100 proposal failed 5-4. Council president Kristen Nye, who carried the ordinance for the $1.20 per $100 rate -- which she said is customary of the council president to do -- served as the tie-breaking vote. Maintaining the $1.20 per $100 rate was then approved. Alternative tax relief plans were passed by the council during the Tuesday meeting, including a gap grant program for incoming-based housing grants and an exemption or freeze program aimed at older and disabled people. The council also approved the creation of a 2024 Real Estate Tax Relief Reserve that would return surplus real estate property tax revenues to taxpayers through a one-time, four-cent rebate.
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RICHMOND, Va. (WRIC) -- The Richmond City Council voted along a narrow margin to maintain the current real estate tax rate, putting an end to a long battle between real estate tax relief plans.
After multiple delays, the council made decisions on multiple real estate tax-related ordinances during a regularly-scheduled meeting on Tuesday, Nov. 12.
The most heavily debated choice was whether or not to reduce the real estate tax rate for 2025. The established rate is $1.20 per $100, to which Councilwoman Reva Trammell proposed a 4-cent reduction, as she argued that Richmonders needed additional relief in this current economic climate.
PREVIOUS: Richmond City Council torn between real estate tax relief plans
Following a heated discussion, Trammell's $1.16 per $100 proposal failed 5-4. Council president Kristen Nye, who carried the ordinance for the $1.20 per $100 rate -- which she said is customary of the council president to do -- served as the tie-breaking vote. Maintaining the $1.20 per $100 rate was then approved.
Alternative tax relief plans were passed by the council during the Tuesday meeting, including a gap grant program for incoming-based housing grants and an exemption or freeze program aimed at older and disabled people. The council also approved the creation of a 2024 Real Estate Tax Relief Reserve that would return surplus real estate property tax revenues to taxpayers through a one-time, four-cent rebate.
