[Emailfda] FW:2010 Richmond Real Estate Tax Rate

Wed Apr 7 06:21:49 PDT 2010

FYI - Jan

RICHMOND CITY COUNCIL             

COUNCIL PUBLIC INFORMATION NEWS ADVISORY

Citizens invited to sign-up to speak at the Richmond City Council Public
Hearing on the Adoption of the 2010 Richmond Real Estate Tax Rate

Deadline for sign-up is Noon the day of Hearing; Vote on the adoption to
be held same night

WHAT             All Richmond Citizens are invited and encouraged to
sign-up to address Council at the upcoming Richmond City Council Public
Hearing on the Adoption of the 2010 Richmond Real Estate Tax Rate. The
Public Hearing will be held during the regularly-scheduled Richmond City
Council Formal Meeting. The vote on the adoption of a new rate will be
held the same night.

                              Citizens interested in signing-up to
address Council regarding the Richmond Real Estate Tax Rate are to call
804.646.7955. The deadline for sign-up is at Noon the day of the
Hearing. Parking is free and the meeting will be televised on local PBS
TV Station, WVCW.

                              Each year a number of possible Richmond
Real Estate Tax Rate options are typically introduced in anticipation of
adopting a new Richmond Government Budget (Fiscal Plan) for the upcoming
Fiscal Year. As a real estate tax rate must be set by April 15 annually,
and sufficient time must be given between introduction and adoption to
allow for review and public comment, a number of rates are introduced at
the same time to allow for flexibility in adopting a new rate. 

                              On Monday, March 8, 2009, four proposed
options for a 2010 Richmond Real Estate Tax Rate were introduced during
the scheduled Richmond City Council Formal Meeting. The proposed options
include $1.23, $1.22, $1.21 and $1.19. The current Richmond Real Estate
Tax rate is $1.20, which would remain the same if no new rate is
adopted. 

      The Richmond Real Estate Tax is the largest single funding source
we use to pay for local government services and considerations regarding
the rate include a $30 million shortfall in local revenue, which
includes expected decreases from state and federal funding sources. Each
one cent in real estate tax equates to an estimated $1.9 million in
revenue.

WHEN             Monday, 12 April 2010 

                         6:00-8:30 p.m.

WHERE            Richmond City Council Chambers, Richmond City Hall, 2nd
floor; 

                         900 E. Broad Street

CONTACT     For signing-up to speak at Public Hearing, please call the
Richmond City Council Office of the City Clerk, at 804.646.7955. The
deadline for sign-up is at Noon the day of the Hearing.

BACKGROUND ON RICHMOND REAL ESTATE TAX ASSESSMENTS

As Richmond Citizens, we pool our resources to own and operate our
government and decide what public services we want to invest in; the
priority (investment levels) for these services; and, how we pay for
them. Examples of our services include the management, oversight and
delivery of such things as clean/safe water; streets/parks;
firefighting/ rescue; trash/sewage removal; laws, police/courts; public
transportation; and, our children's education. Together, we own,
operate, use and benefit from these services every day. 

     We as citizens have determined that a fair way to help pay for
these services is for real estate owners to annually contribute funds,
based on a percentage of the value of the real estate they own in the
city. This process includes that each year, the fair market value of
real estate in the city is assessed and the value is set Jan. 1 and an
annual Richmond Real Estate Tax Rate is set by Richmond City Council by
April 15. This rate is the percentage, based on $100 of value, which a
real estate owner will contribute to help pay for government services in
the city.  

      Our real estate tax is the largest single funding source we use to
pay for our public services and is used statewide to pay for local
services. There are approximately 73,000 real estate properties in
Richmond and to help ensure fairness, Virginia State Law requires that
Richmond perform annual real estate assessments to determine fair market
value.

Real estate owners pay their share annually, based on the value of their
real estate and the tax rate by June 15. For example, if a person owns
$100,000 in real estate and the tax rate is $1.20 per $100, their share
is $1,200 for that year.

FOR IMMEDIATE RELEASE

Wednesday, 7 April 2010

Richmond City Hall - 900 E. Broad Street, Suite 200 - Richmond, Virginia
23219 www.council.richmondva.gov <http://www.council.richmondva.gov/> 

- E N D -

______________________________________

Steven R. Skinner, APR

Council Public Information Manager

Office of the Chief of Staff

RICHMOND CITY COUNCIL

900 E. Broad Street, Suite 305

Richmond, Virginia  23219

804.646.6052 (office)

804.335.4054 (mobile)

804.937.1386 (home/mobile)

804.646.5468 (fax)

skinnesr at ci.richmond.va.us <mailto:skinnesr at ci.richmond.va.us>  (email)

www.council.richmondva.gov <http://www.council.richmondva.gov> (website)

______________________________________

MISSION The mission of Richmond City Council 

is to represent citizens in creating and amending 

local laws, providing government policy and 

oversight, and approving the city budget.

VISION Richmond City Council is committed to 

creating a vibrant community that is a great place 

to live, work, learn, play, visit and raise a family.

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