Henrico, Va. (Newsradiowrva.com) - Henrico's Board of Supervisors is proposing, on a bi-partisan basis, to cap real estate taxes for many seniors to help them deal with growing home values. The proposal, if approved (which is likely), would take effect in 2024.
Under the plan, real estate taxes would be capped at the year a senior enters the program. If taxes drop, it resets at the new lower rate. Eligible seniors need to have an income of less than $105,000 and a net worth below $700,000.
County leaders say it will not cause cuts to investments and services.
