Description
Title: To amend City Code § 26-355, concerning the levy of tax on real estate, to establish a tax rate of $1.16 for the tax year beginning Jan. 1, 2028.
Summary
On July 27, 2026, an ordinance was introduced to amend Section 26-355 of the Richmond City Code, changing the real estate tax rate from $1.20 to $1.16 per $100 of assessed value, effective January 1, 2028. The legislation, sponsored by Councilmembers Trammell, Abubaker, and Lynch, aims to alleviate financial burdens on homeowners facing rising property assessments, particularly following a 100% increase in real estate tax revenue since the 2019 pandemic. The ordinance does not anticipate additional city expenditures but highlights that each cent of tax generates approximately $3.9 million in revenue. A public hearing is scheduled for September 28, 2026, to discuss this proposal