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. (As Amended)
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] 2028. The accumulated amount of tax deferred and interest shall constitute a lien upon the real estate and, except as provided in subsection (j) of this section, must be paid within a maximum term of ten years from the deferral date. 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) Implementation plan. The Deputy Chief Administrative Officer for Finance and Administration or the designee thereof shall submit to the Finance and Economic Development Standing Committee no later than five business days prior to such committee's December, 2026, meeting a preliminary implementation plan for the tax deferral program authorized by this section, with a final implementation plan submitted to said commit...
Click here for full text