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How Have Local Real Estate Taxes Changed Over the Years?

Steve Helber
/
AP

 

 

Richmond’s Mayor is proposing a hike in the city’s real estate tax. He says the money is needed for schools and infrastructure. Virginia’s capital city isn’t alone. In recent years, real estate taxes across the state have risen.

  

 

The trends look like this. In 2003, well before the financial crisis, localities across the state had real estate taxes well above where they are today. Then the economy bottomed out and local governments responded by slashing taxes.

It’s only been in recent years that rates have inched back up. Steve Kulp, with the Weldon Cooper Center, says he’d expect that trend to continue.

Now, statewide, real estate taxes hover just above one dollar per every 100-dollars in assessed value. Cities tend to be higher than counties.

But while other cities have inched their rates back up, Richmond’s has stayed flat since 2008. Mayor Levar Stoney is proposing a 9-cent increase, which would bring things back in line with where they were before the recession.

 

 

 

This report, provided by Virginia Public Radio, was made possible with support from the Virginia Education Association.

Mallory Noe-Payne is a Radio IQ reporter based in Richmond.