Richmond City Council has held off its votes on the 2026 real estate tax rate until at least October. That decision came after Mayor Danny Avula’s administration warned that a proposal to reduce the rate by 4 cents would cut out more than $17 million in city funding as it faces an uncertain financial future.
Councilor Reva Trammell (8th District), backed by two others, has proposed lowering the rate to $1.16 per $100 of assessed value. (She put forth similar proposals in 2024 and 2022, which were both rejected.) Avula and Council President Cynthia Newbille (7th District) want to keep it at $1.20.
The Avula administration made its pitch against Trammell’s idea during the council’s informal meeting Monday, saying it would only benefit homeowners and not the renters who make up most of the city. Avula said the cut would offer the most savings to those with high-priced houses — though even those with homes assessed at $1 million would only save $400 a year…