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City holds first reading on 2025 ad valorem tax rates; manager says taxes not increasing under compensating rate
Richmond City Board of Commissioners · September 12, 2025
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Summary
On first reading the City of Richmond presented Ordinance 25-22 establishing 2025 ad valorem tax rates; the city manager said officials used the compensating rate so property and personal property taxes will not rise despite a large increase in the taxable base.
The Richmond City Board of Commissioners held a first reading of Ordinance 25-22, which sets the city’s ad valorem tax rates for fiscal year 2025.
City Attorney read the ordinance language establishing rates: the personal property ad valorem tax for the general fund at 13.7 per $100 of assessed value, the real-property…
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