Who is Eligible for a Tax Refund of Up to $175 Next Year?

Six aldermen and Ritchmond, Virginia Mayor Levar Stoney have agreed to provide citizens with a five-cent rebate per $100 of assessed property value.

Citizens currently pay $1.20 for $100 of property, but under the new measure, they will pay $1.15.

“A home assessed at $350,00 with a real estate tax bill of $4,200 would thus receive a one-time rebate of $175,” Mayor Levar Stoney explained.

The City is in Crisis as a Result of a 13 Percent Increase in Taxes Last Year

“At this time, permanently lowering the tax rate would have an impact on our ability to offer fundamental services to our citizens and community. It also implies that we will be unable to meet the mounting maintenance needs of our roads, parks, libraries, and schools “Stoney stated.

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What They Have to Say

When questioned why the city didn’t issue higher rebates, given that assessments were up 13% this year, Stoney’s managing director, Lincoln Saunders, said the city was limited by state law, which requires tax rebates to be funded from budget surpluses.

“Growth is terrific, but it has a negative side effect, and that’s what we’re seeing in some of our areas,” Stoney explained.

Some council members advocated for a general reduction in the city’s tax rate.