CHESTERFIELD, Va. (WRIC) — Chesterfield County residents can breathe a little easier during next year’s tax season, as the county has approved a 3-cent real-estate tax reduction.
The county originally proposed a two-cent decrease last Fall, but the Board of Supervisors ultimately endorsed the more ambitious 3-cent reduction.
According to the county, the move will bring Chesterfield’s real-estate tax rate to its lowest point in fifty years.
“Inflation, rising home and car values, pandemic-related supply chain issues, national energy policy, and now geopolitical considerations have driven up the cost of living for our Chesterfield families,” wrote Chris Winslow, chair of Chesterfield’s Board of Supervisors, in a blog post.
The county also expanded eligibility requirements for tax relief targeted at the elderly and disabled. Elderly and disabled residents who make less than $33,401 a year will be totally exempt from taxes on their homes, while residents making between $33,401 and $55,200 will receive a steep reduction in their bill.
The county also adopted reductions in car taxes, vehicle registration fees and personal property taxes – as well as a change to business taxes which will make “nearly 70% of county businesses” exempt from taxes on their gross receipts.
You can read about the details of the programs on Chesterfield’s blog.