HENRICO COUNTY, Va. (WRIC) — Henrico County is considering paying a dividend to property owners in the first half of 2022 that would amount to a 2-cent rate reduction for real estate taxes paid in 2021.

Henrico officials will move to lower the real estate tax from the current 87 cents to 85 cents per $100 of assessed value in preparations for the fiscal 2022-23 budget.

County Manger John Vithoulkas outlined the recommendations for the dividend terms in the 2021 State of the County address on December 9.

“No government or organization can be truly great if it doesn’t master the basics and build on that premise,” Vithoulkas said.

Henrico County stated Vithoulkas offered the proposed tax relief measures as “proof that the county will continue to try to reduce the tax burden on residents and businesses even as it pushes to boost investments in public facilities and infrastructure, address the needs of vulnerable residents, bolster employee salaries, protect the environment and enhance the county’s business climate.”