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To amend City Code ? 26-355, concerning the levy of tax on real estate, to establish a tax rate of $1.16 for the tax year beginning Jan. 1, 2028.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That Section 26-355 of the Code of the City of Richmond (2020) be and hereby is amended as follows:
Sec. 26-355. Levy.
There shall be levied and collected for each year on all real estate located in the City not exempt from taxation a tax of [$1.20] $1.16 for the tax year beginning [January 1, 2025] January 1, 2028, and for each year thereafter, until otherwise provided by law or ordinance, for each $100.00 of assessed evaluation thereof for general purposes.
? 2. This ordinance shall be in force and effect as of January 1, 2028.
DATE: June 10, 2026
TO: The Honorable Members of City Council
THROUGH: Reva M. Trammell, 8th District Councilmember
THROUGH: Sarah Abubaker, 4th Disctrict Councilmember
THROUGH: Stephanie Lynch, 5th Disctrict Councilmember
THROUGH: RJ Warren, Council Chief of Staff
THROUGH: Will Perkins, Senior Legislative Services Manager
FROM: Steven Taylor, Council Policy Analyst
RE: Establishing real estate tax rate of $1.16 per $100 of assessed value real property value.
CNL - 2026 - 0066
PURPOSE:
To amend City Code Section 26-355, concerning the levy of tax on real estate, establishing a tax rate of $1.16 for the tax year beginning January 1, 2028.
BACKGROUND: Since 2009 the City's real estate tax rate has been set at a rate of $1.20 per $100 of assessed value of the real estate taxpayer's/owner's land. This rate is high compared to most other localities in the State and especially high compared the City's neighboring jurisdictions. This high rate has proven exceptionally burdensome to Richmond homeowners considering huge increases in the assessed value of residential property in the City the 2019 pandemic causing the City's real estate tax revenue to surg by approximately 100% while the taxpayer has seen no relief.
FISCAL I...
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