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Finance committee continues tax-deferral ordinance after administration raises administration and cost concerns
Summary
The committee heard opposing administration testimony that the proposed real-estate tax deferral is an administratively complex loan program rather than tax relief and continued the ordinance to the May 20 finance meeting so sponsors can tighten implementation details and fiscal estimates.
The Richmond City Finance and Economic Development Standing Committee on Thursday continued consideration of an ordinance that would create a real-estate tax deferral option for some owner-occupied homes, after city revenue staff warned the measure could be costly and administratively complex.
The ordinance, as introduced by the lead patron, would let owner-occupied residences with assessed values under two times Richmond’s median home value defer taxes on assessment increases above a 5 percent year-over-year threshold. Deferred amounts would accrue at a 2 percent interest rate and the draft includes a combined principal-and-interest cap of $50,000.
At a public hearing, Ken Martinez, director of revenue administration, told the committee the administration opposes the ordinance in its current…
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