Richmond City Council establishes 2026 Richmond Real Estate Tax Rate: $1.20 per $100 in assessed value

 

Richmond City Council / News Release

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14 October 2025 

 

Richmond City Council establishes 2026 Richmond Real Estate Tax Rate: $1.20 per $100 in assessed value

 

 

(Richmond, Virginia U.S.A. 10.14.2025) – Richmond City Council tonight during its Formal Meeting established, via Council Ordinance number 2025-207, the annual Richmond Real Estate Tax Rate at $1.20 per $100 in assessed value for the tax year beginning January 1, 2026. This rate maintains the current tax rate of $1.20.

“Richmond City Council voted to keep the Richmond Real Estate Tax Rate at $1.20, rather than increase or decrease it, reflecting its commitment to fiscal responsibility in meeting the needs, priorities, and values of Richmond residents,” says Council President Cynthia I. Newbille. “Richmond City Council is committed to building a strong community by ensuring the availability of stable funding for safeguarding critical education, public safety, health, sanitation, roads, social services, and infrastructure residents need to thrive.”

Richmond Real Estate Tax Rate

With the current Fiscal Year 2026 Richmond Government Budget being based on the $1.20 tax rate, Council must consider the impact changing it has on the fiscal commitments and plans of the City, the impact the rate has on property owners, and the services the City provides to residents.

According to the 2025 Richmond Real Estate Land Book produced by the Richmond Office of Assessor of Real Estate, Richmond has about 76,163 real estate parcels* valued at $52.9 billion - of that, about $11.4 billion (22%) is tax exempt.

At a Real Estate Tax Rate of $1.20 (per $100 in assessed value), exempted real estate reduces city revenue by about $137 million a year. Additionally, $12.7 million a year is abated to rehab older buildings.

Exempt and abated real estate reduce city funds about $150 million a year, as follows:

·  $137 million exempt: religious facilities/churches, nonprofits, museums, state/

   fed./local govt., colleges/schools, cemeteries, etc.

·  $12.7 million abated: to rehabilitate older buildings (largest program in Va.)

    (not reflected in tax exempt totals)

 

Ten Richmond City Council Ordinances and Resolutions were introduced during the Richmond City Council Formal Meeting.

Introduced legislation

Introduced legislation refers to proposed Ordinances or Resolutions being officially submitted for Richmond City Council consideration. This is the first step in the legislative process, where a Councilmember, or Mayor, proposes legislation for Council action. Once introduced, legislation is typically referred to a Council Standing Committee for review. Legislation proceeds from there to a Council Formal or Special Meeting for Council action.

Access/Learn more

To access and learn about Richmond City Council Formal, Informal, and Standing Committee meetings, recordings, and documents, please visit https://richmondva.legistar.com/

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Richmond City Council - Richmond City Hall - 900 East Broad Street, Suite 300 - Richmond, Virginia 23219 U.S.A. - rva.gov/richmond-city-council (web)

Richmond City Council hears proposed update to city grantmaking process and Richmond Priorities for the 2026 Virginia General Assembly Legislative Session

Richmond City Council / News Release

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6 October 2025 

 

 

Richmond City Council hears proposed update to city grantmaking process and Richmond Priorities for the 2026 Virginia General Assembly Legislative Session

Link: https://richmondvacitycouncil.blogspot.com/2025/10/richmond-city-council-hears-proposed.html

                                                                                                                                                    

(Richmond, Virginia U.S.A. 10.6.2025) – Today, in the Richmond City Council Organizational Development meeting, a proposal for an updated competitive grantmaking process was presented by the City Administration. This process would be used for the Fiscal Year 2027 Richmond Government Budget.

 

Each year, Richmond allocates grant funds to outside organizations and entities that fulfill specific citywide priorities. The current Fiscal Year (2026) includes $11.3 million in funding. Proposed program updates from the City Administration include:

 

1.     Defining four areas of focus: Children and Families, Health, Economic Mobility, and Arts and Culture. 

2.     Identify grantmaking partners to help facilitate the granting process. 

3.     Identifying key indicators that will drive the grantmaking. 

4.     Creating obligations for reporting and enhancing transparency standards. 

 

Richmond Priorities for the 2026 Virginia General Assembly Legislative Session

The meeting concluded with presentation of draft Richmond Legislative Priorities for the 2026 Virginia General Assembly Legislative Session, which included the following themes:

 

·        Housing Affordability 

·        Adequate Funding for Education  

·        Infrastructure Funding  

·        Community Building  

 

Next steps for refining Richmond legislative proposals include a Richmond Legislative Summit taking place October 29, 2025, with members of the Virginia General Assembly representing Richmond. Richmond City Council anticipates a vote on a Resolution endorsing the final Richmond Legislative Priorities proposals on November 10, 2025.  

 

To learn more about Richmond City Council meetings, access recordings, and review documents, please visit https://richmondva.legistar.com/

 

 

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Richmond City Council - Richmond City Hall - 900 East Broad Street, Suite 300 - Richmond, Virginia 23219 U.S.A. - rva.gov/richmond-city-council (web)

Richmond City Council adopts agency budget review legislation to set new goals for fiscal sustainability and votes to continue consideration of real estate tax rate

Richmond City Council / News Release

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23 September 2025 

                                                                                                                                                    

 

 

Richmond City Council adopts agency budget review legislation to set new goals for fiscal sustainability and votes to continue consideration of real estate tax rate

 

(Richmond, Virginia U.S.A. 9.23.2025) – With the consideration of Ord No. 2025-207, Ord No. 2025-208, and Ord No. 2025-100,  Richmond City Council, during its Formal Meeting last night, advanced important efforts to place Richmond on a sound financial footing and prepare for the 2027 Fiscal Year budget process.

 

“Last night, Council voted to continue Richmond Real Estate Tax Rate legislation to further discuss and consider the implications of cutting the rate or maintaining it,” says Council President Cynthia Newbille.

 

Richmond Real Estate Tax Rate

Two ordinances were presented regarding the Richmond Real Estate Tax Rate. Ord. No. 2025-207, maintained the present tax rate of $1.20 per $100.00 of assessed value. While, Ord. No. 2025-208 would have established a rate of $1.16 per $100.00 of assessed value. After further conversation Richmond City Council decided to continue consideration of these ordinances until its Formal Meeting on October 14, 2025 to allow for further discussion.

 

Richmond City Council is required by VA Code Section 58.1-3321 to vote on establishing a proposed real estate tax rate otherwise the tax would revert to the State mandated Rolled Back Tax Rate. With the City of Richmond Budget based on the $1.20 tax rate, Richmond City Council has the responsibility of maintaining the current rate or changing it, and must consider the impact it has on the fiscal plans of the City, the impact the rate has on property owners, and the services the City provides to residents. Each $.01 of tax rate generates approximately $3.5 million dollars in revenue. In Tax Year 2026 the aggregates taxable base is projected to increase by 5.74%.

 

Agency Budget Review

Co-patroned by seven Richmond City Council members, Ord. No. 2025-100 requires publication of each City of Richmond agency’s final funding request documents (operating and capital) as required by Section 6.03 of the Richmond City Charter, and a comparison chart showing side-by-side instances in which the Mayor’s proposed budget deviates (positively or negatively) from each agency’s final funding request. The goal of this ordinance is to promote transparency with the public about budget decisions made by the City Administration and better inform Richmond City Council’s consideration of the Mayor’s proposed budget that is presented in March of each year.

 

“This legislation is about being good stewards of the City Budget,” said lead patron and 5th District Councilmember Stephanie Lynch. “By making this information available to City Council, we will be able to more fully partner with the Mayor and the community to thoughtfully invest in the future of Richmond.”

 

Richmond Civilian Review Board moves forward

After passing Res No. 2025-R020 at the September 8, 2025 Richmond City Council Formal meeting, Council approved appointments to the Richmond Civilian Review Board. In accordance with Virginia Code § 9.1-601 and building from Richmond City Council Ord No. 2022-261, the Richmond Civilian Review Board will work with Richmond City Council, the Mayor, and the Chief of Police to review, investigate, and make recommendations concerning interactions between residents and the Richmond Police Department.

 

The Richmond Civilian Review Board is a part of an ongoing commitment to strengthening the relationship and transparency between the Richmond Police Department and community residents. A major focus will be to share data and open lines of communication.

 

Richmond Latin and Hispanic American Heritage Month Proclamation

In a joint proclamation by Richmond City Council and the Mayor, Richmond established September 15 – October 15 as Richmond Latin and Hispanic American Heritage Month. This honors the important contribution that Latin and Hispanic community members have made to Richmond’s cultural richness.

 

“The Hispanic and Latin community has a rich history in Richmond,” said 9th District Councilmember Nicole Jones, who led the proclamation effort. “Over the next month, we celebrate their contributions toward making Richmond a vibrant and beautiful City.”

 

Introduced Papers

During the meeting twelve ordinances and resolutions were introduced. Many were assigned to and will be reviewed by Richmond City Council Standing Committees in the coming weeks.

 

The next Richmond City Council Formal Meeting will take place on Tuesday, October 14, 2025 in Richmond City Council Chambers. This change (from usually happening on a Monday) is due to the October 13, 2025 Richmond Indigenous People’s Day holiday.

 

To learn more about the September 22, 2025, Richmond City Council Formal Meeting, access a recording, and review any documents go to https://richmondva.legistar.com/

 

 

 

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Richmond City Council - Richmond City Hall - 900 East Broad Street, Suite 300 - Richmond, Virginia 23219 U.S.A. - rva.gov/richmond-city-council (web)