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To return surplus real estate tax revenues to taxpayers pursuant to Va. Code ? 15.2-2511.1.
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WHEREAS, section 15.2-2511.1 of the Code of Virginia (1950), as amended, authorizes the Council of the City of Richmond to adopt an ordinance to develop a method for returning surplus real . . . property tax revenues . . . to taxpayers who are assessed such taxes in any fiscal year in which the [City] reports a surplus;" and
WHEREAS, the Council, by Ordinance No. 2022-______, adopted ________________ ____, 202__, created the 2022 Real Estate Tax Relief Reserve composed of surplus revenues collected in the fiscal year commencing July 1, 2021, and ending June 30, 2022, in the amount of $18,000,000.00, and, by Ordinance No. 2022-______, adopted ________________ ____, 202__, appropriated such funds for the purpose of making payments under this ordinance; and
WHEREAS, the Council desires to provide a method for returning surplus real property tax revenues to taxpayers who are assessed such taxes in 2022;
NOW, THEREFORE,
THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That:
(a) Definitions. For purposes of this ordinance, these words, terms, and phrases, when used in this ordinance, have the meanings ascribed to them as follows:
(1) Eligible Property. "Eligible Property" means a parcel of real estate separately assessed for real estate taxes by the City on January 1, 2022, provided that the term "Eligible Property" does not include any parcel of real estate that is entirely exempt from real estate taxation or for which no tax bill would otherwise be issued.
(2) Eligible Taxpayer. "Eligible Taxpayer" means the person or persons listed as the owner of an Eligible Property in the 2022 records of the City Assessor as of the date on which the Department of Finance issued bills for the second half real estate tax payment due on June 14, 2022.
(b) Amount of Payment. For each Eligible Property, the Director of Finance sh...
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