Richmond City Council is re-examining the city’s real estate tax rate, considering a possible 1 to 2 cent cut per $100 of assessed value. The rate currently stands at $1.20. Council has the option to keep it the same or cut it to $1.19 or $1.18.
A state law triggers an automatic rollback rate when average real estate assessments increase by more than 1%. Reports show that Richmond’s average property values have increased by 2% in recent months. Papers will be introduced this evening though a vote is unlikely until mid to late October.