RICHMOND, Va. (WRIC) — Due to a rise in property value, Richmond homeowners should plan to see a 13% increase in their 2023 tax bills. The rise in values has caused two council members to propose a real estate tax cut, while another suggested it should stay the same.

Councilmembers Kristen Nye and Reva Trammell have introduced legislation that would drop Richmond’s real estate tax rate by four cents. Richmond City Council President Cynthia Newbille has proposed a measure to keep the tax rate at $1.20.

Currently, the city’s tax rate is $1.20 for every $100 of assessed value. So, for a property estimated at $400,000, the annual tax bill would be $4,800. With the 13% increase in 2023, homeowners would pay $624 more.

Richmond homeowners can file an appeal with the city assessor’s office until Sept. 30 to challenge their real estate tax assessment.

The proposed ordinances will be heard in the city’s Finance and Economic Development standing committee on Oct. 20.

To read more about the proposed real estate tax rate, click BELOW: