City of Richmond Approves 2018-19 Reduced Tax Rate
The City of Richmond Commissioners and Mayor Moore adopted the 2018-2019 Tax Rate as a reduced rate at the monthly Commission meeting. The adopted Tax Rate is set at $ .6999 cents per $100 valuation, which is a .01 cent decrease from last year’s rate of .7100 cents. In spite of this reduced tax rate, the City assures citizens they will be able to continue providing first class services. This tax rate also reflects an 11% reduction in the last 7 years in the City’s Tax Rate trend.
The tax rate consists of two parts, a debt service rate and a maintenance and operations tax rate. Finance Director, Susan Lang explained the debt service rate is 15.96 cents per $100 valuation which is set to match the amount required to meet debt service payments in a given year. She went on to explain the maintenance and operations tax rate is 54.03 cents per $100 and is attributed to salaries and general operational expenses.
The tax rate downward trend continues in 2018- 2019 budget year, even while the exempt boundaries increased. The commission had previously approved a 25% property tax exemption policy for properties within its historic district this past summer. Commissioner Beard closed this agenda item by congratulating Finance Department staff for their continued hard work to drive down the tax rate in spite of the catastrophes the City had dealt with.