title
To amend ch. 26, article V, div. 2 of the City Code by adding therein a new section 26-370, concerning a deferral program for certain real estate taxes pursuant to and in accordance with Code of Virginia ? 58.1-3219.
body
THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That Chapter 26, Article V, Division 2 of the Code of the City of Richmond (2020) be and is hereby amended by adding therein a new section numbered 26-370 as follows:
Sec. 26-370. Real Estate Tax Deferral for Qualified Owner-Occupied Properties; Reporting and Evaluation of Deferral Program.
(a) Deferral authorized. Deferral of all or a portion of any real estate tax levy in excess of 105% of the prior year's real estate tax levy for the same real estate is authorized for real estate owned and occupied as the sole dwelling of the applying taxpayer in accordance with the criteria set out in Code of Virginia, Title 58.1, Ch. 32, Art. 2.1 (Code of Virginia, ? 58.1-3219 et seq.) and the terms and conditions of this section for tax years commencing on and after January 1, 2027. The accumulated amount of tax deferred and interest shall constitute a lien upon the real estate. Real estate taxes deferred in accordance with this program shall be considered non-delinquent for purposes of subsection (c)(3) of this section and for other City programs for which non-delinquency of real estate taxes is a condition of the program.
(b) Administration of deferral. The tax deferral program shall be administered by the Director of Finance. The Director of Finance is hereby authorized and empowered to prescribe, promulgate, and enforce rules and regulations, including the requirement of answers under oath, as may be reasonably necessary to determine qualifications for deferral as specified by this section.
(1) The Assessor of Real Estate shall publish the median assessed value for residential properties annually by no later than November 1.
(2) The Director of Finance shall ensure that r...
Click here for full text