Committee forwards proposed 2026 tax-rate ordinance and hears plan to realign assessment cycle

The Finance and Economic Development Standing Committee voted to forward ordinance 20250068, which would establish a real estate tax rate of $1.16 for the tax year beginning Jan. 1, 2026, to the full City Council with no committee recommendation. The committee also received a detailed presentation from the assessor's office and finance staff about realigning the property assessment cycle to the city fiscal year and about a communications plan for the change.

Why it matters: committee members said the proposal could affect homeowners and small-business owners across Richmond and requested fiscal and legal impact analyses before the Council takes final action. Councilmember Grama told colleagues that many residents are struggling and urged support for relief measures; the committee asked administration for an impact analysis and legal advice to be ready for the council meeting.

Realignment details…