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To amend and reordain 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, 2025, pursuant to Va. Code § 58.1-3321(b), and increasing such rate from the Rolled Back Tax Rate of $1.136 as computed in accordance with Va. Code § 58.1-3321(a).
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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 and reordained 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, [2024] 2025, and for each year thereafter, until otherwise provided by law or ordinance, for each $100.00 of assessed evaluation thereof for general purposes.
§ 2. That the aforesaid tax rate of $1.16 is established pursuant to section 58.1-3321(b) of the Code of Virginia (1950), as amended, and represents an increase of $0.024 from the Rolled Back Tax Rate of $1.136 computed in accordance with section 58.1-3321(a) of the Code of Virginia (1950), as amended.
§ 3. That the aforesaid tax rate of $1.16 shall be applied in lieu of the Rolled Back Tax Rate of $1.136.
§ 4. This ordinance shall be in force and effect as of January 1, 2025.