No tax cut for Richmond property owners
Jeremy M. Lazarus | 10/26/2023, 6 p.m.
City Council has no plans to cut the tax rate on property taxes, essentially allowing an increase in the tax bills most property owners will pay.
Without discussion, Council’s Finance Committee on Oct. 19 endorsed Council President Michael J. Jones’ ordinance to maintain the current rate of $1.20 per $100 of assessed value that has been in place since 2008.
The committee’s 3-0 vote means the paper is to be on the certain-to-be approved consent agenda at the Monday, Nov. 13, meeting.
No members of the public spoke on the ordinance at the committee meeting. The administration supported the committee’s action.
The vote to set the tax rate was required to avoid a tax cut of 7.5 cents that would have pushed the rate down to $1.125 per $100 of assessed value.
State law mandates that the tax rate be rolled back to limit any increase to 1% above the amount collected in the previous fiscal year.
City Assessor Richie McKeithen has reported that city property values rose by 7.7%. For example, a home valued at $100,000 for tax purposes would have been billed $1,200 in real estate tax in 2023. If the new assessment rose by 7.7%, the home would be valued for tax purposes at $107,700 and the city tax bill in 2024 would be for $1,292.40, or an increase of $92.40.
