Nearly a quarter of properties in the city are exempt from paying city taxes – a statistic that is catching attention as real estate appraisals to skyrocket.
What is happening: The observation comes from Richmond Magazine editor Scott Bass, who notes the city is set to remove another large portion of city property from tax rolls with the Diamond District agreement.
- The city and developers plan to channel much of the new tax revenue from the massive new development into paying off bonds that will be used to build a new minor league ballpark.
- Officials estimate the project will contribute another $156 million to the city’s general fund over 30 years, but as Bass notes, it would contribute significantly more in the absence of bond payments for the new ballpark.
By the numbers: About 23% of land in the city is tax-exempt, according to Richmond Magazine.
- Much of that consists of government buildings, churches and universities, which amounts to $110 million in lost revenue this year.
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