Richmond, Va. (Newsradiowrva.com) - Richmond City Council last night narrowly voted down Councilwoman Reva Trammell’s proposed 4-cent cut in the real estate tax rate, deciding instead to keep the rate unchanged and go along with Mayor Stoney’s alternative tax relief plan.
Mayor Stoney’s plan includes a gap grant program, an exemption or freeze program aimed at older and disabled people, and a possible one-time 4-cent rebate if there is a surplus in property tax revenues.
The council’s decisions on Tuesday, Nov. 12 came after multiple delays on real estate tax-related ordinances.
Councilwoman Reva Trammell has been active in pushing to reduce the real estate tax rate. The established rate is $1.20 per $100. Trammell proposed reducing that amount by 4 cents, arguing that Richmonders need additional relief in this economic climate.
Ultimately, city council decided to maintain the $1.20 per $100 rate. Alternative tax relief plans were instead passed, including Stoney’s gap grant program from income-based housing grants and an exemption or freeze program.
The council also green lit 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.
