Council Person Kristen Nye Releases Statement on Increase in Property Assessments and Proposed 4% Reduction

From Council Person Kristen Nye Email.

Proposed tax reduction

Thank you to everyone who reached out regarding their assessments. Overall the city is looking at an average 13 percent increase in assessments this year. We have seen several years of increases in assessments, resulting in higher real estate tax bills. After looking at the trends and considering the number of years since the city has reduced its real estate tax, I’m working with Councilperson Trammel to propose a 4 cent real estate reduction.

This legislation will be introduced into our public docket tonight and then will be considered at several public meetings. Once I have those details, I will circulate them to you. If you have an opinion on the reduction of real estate taxes, please reach out with your feedback and/or plan to attend one of our public hearing to express your point of view. If approved, this tax reduction would be in effect starting January 1, 2023.

Regardless of the tax rate, we continue to offer tax relief for seniors and persons with disabilities. Please see City of Richmond’s Tax Assistance page for more information.

Axios Richmond’s Karri Peifer has an excellent look at where the increases rose the most and the process that was used. It includes an interactive map and everybody loves an interactive map.