Richmond Mayor Dwight Jones is calling for the first reduction in the city’s real estate tax rate since 2007, from $1.20 to $1.19 per hundred dollars of assessed value. New revenue estimates show Richmond’s real estate assessments are up as well as an increasing new construction in the city. Jones says the tax cut will help the city attract and retain families and expand its taxable income.
Richmond School Board member Kristen Larson questioned the Mayor’s timing, when the system is facing major challenges with its aging schools. Jones says his recent creation of a Richmond Schools Finance Working Group will aggressively review the schedule of financing options for maintenance and construction of public school facilities.
The proposed one-cent cut must be approved by City Council in order to take effect early next year.