Finance committee backs $1.20 tax rate recommendation; forwards $1.16 option with no recommendation; advances multiple budget and grant items

The Richmond City Finance and Economic Development Standing Committee moved the mayor’s proposed property tax rate of $1.20 per $100 of assessed value to the full City Council with a recommendation to approve, and separately forwarded an ordinance proposing a $1.16 rate with no committee recommendation.

The vote followed a public hearing during which residents, community groups and labor representatives urged the committee to reject any tax cut that would reduce funds for wages, services and housing programs. Felicia Boney, representing the Virginia State Council of SEIU and local chapters including 32BJ, told the committee that “lowering Richmond’s property tax rate is bad policy for working families” and urged a transparent plan before any reduction in revenue. Several Eighth District residents said higher assessments and monthly utility bills make even small rate changes unaffordable for seniors on fixed incomes.

Why it matters: the administration told the committee that the budget adopted by the mayor and council was built on the $1.20 rate. An administration representative stated that one penny on the rate equals about $4.3 million in revenue; reducing the rate from $1.20 to $1.16 would remove roughly $17.3 million from the adopted budget plan and could require cuts to personnel, collective bargaining commitments and capital projects.

Actions taken at the meeting: the committee voted to forward eight items from the meeting agenda to the full council. Notable outcomes include: - Ordinance 2025-207 (set real-estate tax rate at $1.20 for tax year beginning 01/01/2026): forwarded to council with a committee recommendation to approve (recorded votes by committee members present: Miss Lynch — yes; Vice Chair Jones — aye; Chair Robertson — aye). - Ordinance…