RICHMOND, Va. (WRIC) — Property owners in Richmond should receive a tax rebate check in February.

City councilmembers signed off on a plan from Mayor Levar Stoney that provides some relief to taxpayers after property values across the city increased by an average of 13% for 2023.

With people’s tax bills expected to rise, the council approved a one-time rebate Monday that equals five cents per $100 of a city property’s assessed value.

The vote comes after proposals for a permanent reduction — down to $1.16 and $1.10 — were rejected by the council. The council sided with Stoney’s administration to keep the city’s real estate tax rate at $1.20 per $100 of assessed value and give property owners the one-time rebate.

A city resident with property assessed at $400,000 would have an annual tax bill of $4,800 under the city’s current tax rate.

With a possible 13% increase in assessed value, that property owner would pay $624 more than the year before. With the tax rebate approved by the council, that property owner should expect a $200 check in the mail in February.

Some city neighborhoods saw property values jump by 35%, and others had increases below the 13% average.

When he announced his proposal, Stoney said the $18 million being used for it would come from the city’s surplus at the end of the fiscal year 2022.

The council also approved a budget amendment from Stoney on Monday to set aside $17.1 million in excess tax revenue. The unexpected surplus will help fund specific agencies and programs in the city, including $5 million to fund pay changes for first responders and $3.1 million for inclement weather shelters.