Property owners in the capital of Virginia could get some extra pocket cash sometime within the next couple of weeks.
The city of Richmond, Virginia, adopted an ordinance late last year to provide some relief to property taxpayers thanks to an $18 million budget surplus. The “Five Back” Tax Rebate Program will return $0.05 for every $100 of the 2023 assessed value of the eligible property, according to a statement from Richmond’s Department of Finance.
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The amount one can receive from this rebate is calculated by dividing the total taxable value of the property by $100 and then multiplying the result by $0.05. For example, if a taxable property has a value of $249,000 in 2023, the property owner will receive a $124.50 rebate or credit amount.
To be eligible for this rebate, one must be a property owner in Richmond who either owned and/or paid real estate property tax as of the second billing of the fiscal year ending on June 30, 2022. Additionally, taxpayers who paid fiscal 2022 property taxes in full on the January 2022 billing and are also the property owner as of the second billing of the fiscal year ending June 30 of last year are also eligible.
Only one payment will be made for each property eligible for this payment, regardless of how many owners and taxpayers are listed on the property. All checks will be mailed no later than Friday.
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If an eligible recipient’s payment is worth less than $30, it will be applied as a credit on the next real estate tax bill instead of a check.
The Washington Examiner has contacted both the mayor of Richmond’s office and the city’s department of finance for comment.
