RICHMOND, Va. (WRIC) — As the market continues to rise, Richmond property owners now have one thing to look forward to.

In February, city residents should receive a tax rebate check in their mailbox after property values across the city increased by an average of 13% for 2023.

On Monday, City council members approved a one-time rebate check that equals five cents per $100 of a city property’s assessed value. The decision comes after the council sided with the Stoney Administration to keep the city’s real estate tax rate at $1.20 per $100 of assessed value.
When he announced his proposal, Stoney said the $18 million used for it would come from the City’s surplus at the end of the fiscal year 2022.

To find out how much your property could be assessed for in the tax rebate check, click BELOW: