six Alderman and Richmond, Virginia Mayor livar stone They agreed to deduct five percent for every $100 of the citizens’ appraised property.
Citizens currently pay 1.20 for every $100 of property, but with the new initiative they will pay 1.15.
“So a home appraised at $350,000 and with a $4,200 property tax bill would have a one-time deduction of $175,” Mayor Livar Stoney said.
The city is facing a crisis due to a 13 percent fee increase last year.
“At this point, lowering the tax rate will permanently affect our ability to provide essential services to our residents, and our community. It also means that we will not be able to keep pace with the increasing maintenance needs of our roads, parks, libraries and schools,” said Stoney.
what are they saying
When asked why the city isn’t offering bigger discounts, considering that ratings have increased 13% this year, Stoney’s manager, Lincoln Saunderssaid the city was constrained by state law, which requires tax deductions to be funded from budget surpluses.
“Growth is goodBut it has its other side, and this is what we witness in some of our neighbourhoods.”
Some council members called for an overall reduction in the city’s tax rate.
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