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Committee forwards proposed $1.16 tax rate and discusses assessment-cycle realignment
Summary
Councilmember proposal to set the real estate tax rate at $1.16 for tax year beginning Jan. 1, 2026 was forwarded to full council with no recommendation amid extended presentations on changing the city’s property assessment cycle and concerns about impacts on homeowners.
The Finance and Economic Development Standing Committee on April 21 voted to forward an ordinance that would set Richmond’s real estate tax rate at $1.16 for the tax year beginning Jan. 1, 2026 to full City Council with no committee recommendation, after an extended discussion about realigning the property assessment cycle and requests for impact and legal analyses.
Councilmember Scott Trammell introduced the ordinance and urged support for a 4‑cent rate adjustment to help homeowners. Trammell said many residents “are hurting” and described rising costs for utilities and groceries while new development is appearing in some districts.
Committee members asked administration for further analysis before a final vote. Councilmember Sabrina Joy Hogg, senior deputy chief administrative officer for finance and administration, asked the assessor’s office and finance staff to prepare a fiscal impact and legal analysis for the council meeting on April 28 and to provide more detailed…
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