Virginia $175 Tax Refund Checks From Next Year: Who’s Eligible?

Six aldermen and Ritchmond, Virginia Mayor Levar Stoney have agreed to provide citizens with a five-cent rebate per $100 of assessed property value.

Citizens currently pay $1.20 for $100 of property, but under the new measure, they will pay $1.15.     

"A home assessed at $350,00 with a real estate tax bill of $4,200 would thus receive a one-time rebate of $175," Mayor Levar Stoney explained.

Because of the 13 percent increase in taxes that occurred in the previous year, the city is in a precarious situation.

At this time, a permanent tax rate reduction would have an impact on our capacity to offer fundamental services to our town and citizens.

Additionally, it implies that we would be unable to meet the rising maintenance requirements for our parks, roads, libraries, and schools, according to Stoney.

Lincoln Saunders, said state law required tax rebates to be funded from budget surpluses, so the city couldn't offer higher rebates despite assessments rising 13% this year.

"Growth is good, but it has a negative side effect, and that's what we're seeing in some of our areas," Stoney explained.

A number of the city council's members had voiced their support for lowering the tax rate for all municipal residents.