Richmond Council considers tax rate adjustment to aid struggling homeowners

The Richmond City Finance and Economic Development Standing Committee convened on April 16, 2025, to discuss several key ordinances and their implications for the city. The meeting began with a motion to forward multiple ordinances to the city council for approval, including Ordinances 2025-064, 2025-065, 2025-066, and 2025-067. The committee members voted unanimously in favor of this motion.

The committee then moved on to Agenda Item 7, which involved Ordinance 2025-068. This ordinance proposes an amendment to the city code concerning the levy of tax on real estate, establishing a tax rate of $1.16 for the tax year beginning January 1, 2026. Prior to discussing the ordinance, the committee held a public hearing, during which no speakers expressed support or opposition.

Following the public hearing, committee member Ms. Trammell emphasized the financial struggles faced by residents across the city, particularly in her district. She noted the increasing burden on homeowners and business owners due to rising costs of living, including medical bills and utilities. Ms. Trammell advocated for the proposed tax rate adjustment, suggesting that it would provide necessary relief to those in need.

In response, Vice Chair Jones expressed the importance of conducting an impact analysis before making a final decision on the ordinance. She proposed that the administration prepare this analysis to better understand the implications of the tax rate change on the city’s budget and residents.

Ultimately, the committee agreed to move the ordinance forward to the full city council without a recommendation, allowing for further analysis and discussion before a vote is taken. The meeting concluded with a commitment to ensure that all council members are informed and prepared to make a decision on the matter.