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Finance committee recommends $1.20 property tax rate, forwards $1.16 proposal with no recommendation
Summary
The Richmond City Finance and Economic Development Standing Committee voted to recommend the mayor's proposed $1.20 per $100 valuation property tax rate to full council and to forward a competing $1.16 proposal with no committee recommendation after a largely contested public hearing.
The Richmond City Finance and Economic Development Standing Committee on an administrative motion voted to forward the mayor’s proposed $1.20 per $100 of assessed value property tax rate to full council with a recommendation to approve and to forward a separate proposal to set the rate at $1.16 with no committee recommendation.
The committee's action follows a joint public hearing on two rival ordinances — ordinance 2025207 to set the rate at $1.20 and ordinance 2025208 to set the rate at $1.16 — that drew a mix of public commenters, including union representatives and neighborhood residents who urged different outcomes.
Why it matters: The committee and city administration said the budget adopted by council was built around the $1.20 rate, and reducing the rate would shrink the revenue base used to pay for city services, collective bargaining commitments, capital…
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