Richmond assessor recommends 6% taxable assessment increase; council agrees to mixed budget changes, rejects pay-cap consensus

At a Richmond City Council budget work session, City Assessor Richard McKeith presented a forecast calling for a 6% increase in taxable real estate land‑book values effective Jan. 1, 2026, and council members discussed and tentatively agreed on multiple capital and operating changes ahead of budget introduction and adoption.

McKeith said his 6% forecast reflects recent assessment trends and current assessment‑to‑sale price ratios. “I’m comfortable with the 6%,” he said, citing recent years of 13%, 7.7% and 6.77% taxable assessment growth and telling council he had cross‑checked his outlook with the city economist.

The forecast matters because the land‑book baseline feeds property‑tax revenue estimates the city will use to set a tax rate. Budget adoption steps noted in the meeting schedule include introduction of amendments on May 5 and adoption of the FY2026 Richmond government budget on May 12.

Capital and fleet changes

Council and administration settled on a set of capital reductions and enhancements aimed at funding parts of the “people’s budget” while protecting long‑lived assets financed with bonds. Daniel Wagner, interim deputy chief of staff, said council would remove the Laburnum widening/parking project from the GO bond program and reallocate the remaining $959,617 toward other priorities including Pine Camp facilities in the Third District. The overall proposed capital reduction tied to that reallocation and other items totaled $2,214,617, of which roughly $1,255,000 was cash‑funded.

Wagner and staff also proposed a reduction to the city’s non‑emergency fleet replacement bucket, retaining funds for emergency and refuse vehicles but reducing replacement funding for about 25 other vehicles. Administration officials said refuse trucks and public‑safety vehicles (fire and police) would be held harmless. Gail Johnson,…