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To request that the Council Chief of Staff cause the preparation of a study to specifically identify the amendments to the Constitution of Virginia and the General Assembly of Virginia actions necessary to authorize the City to implement a homestead tax exemption and a real property tax cap that provides a 25 percent reduction in the real estate taxes imposed upon real property owners in the city of Richmond meeting certain income and residency requirements.
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WHEREAS, upon information and belief of the Council, real property owners in the city of Richmond are facing higher taxes that affect the long-term sustainability of families in certain neighborhoods and make it difficult for those families to remain in those neighborhoods; and
WHEREAS, the Council is of the opinion that a study would provide the Council with solutions to lessen the tax burdens of real property owners whose families have sustained the viability of certain neighborhoods for significant periods of time but who may have become financially unable to remain in those neighborhoods; and
WHEREAS, the Council believes that it is in the best interests of the citizens of the city of Richmond that the Council Chief of Staff cause the preparation of a study to specifically identify the amendments to the Constitution of Virginia and the General Assembly of Virginia actions necessary to authorize the City to implement a homestead tax exemption and a real property tax cap that provides a 25 percent reduction in the real estate taxes imposed upon real property owners in the city of Richmond meeting certain income and residency requirements;
NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
That the Council hereby requests that the Council Chief of Staff cause the preparation of a study to specifically identify the amendments to the Constitution of Virginia and the General Assembly of Virginia actions necessary to authorize the City to implement a homes...
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