Close Menu
BestNewsOnline
    Facebook X (Twitter) Instagram
    BestNewsOnline
    • Retirement planning
    • Insurance
    • Real estate
    • Subscription
    BestNewsOnline
    Home»Real estate»Mapped: Richmond’s real estate tax exemption windfall
    Real estate

    Mapped: Richmond’s real estate tax exemption windfall

    December 1, 20221 Min Read
    WhatsApp Facebook Telegram

    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.

    Go further viaRichmond Magazine.

    🌱

    Support local journalism by becoming a member.

    Learn more

    After richmond stories

    Nope stories could be found

    Get a free daily digest of the most important news in your garden with Axios Richmond.

    🌱

    Support local journalism by becoming a member.

    Learn more

    Add A Comment
    Leave A Reply Cancel Reply

    What's hot

    Pardon our interruption

    January 26, 2023

    Center discusses fisheries insurance coverage with stakeholders

    December 31, 2022

    How To Maximize Your Retirement Portfolio With These Highest-Ranking Dividend Stocks – November 24, 2022

    November 24, 2022

    Everything you need to know about this popular investment that can provide guaranteed retirement income

    December 8, 2022
    Don't miss

    Real estate firm, opening of an art gallery

    November 15, 2022

    What does your garage door mean to you in a hot real estate market? Much said Tommy Mello

    November 1, 2022

    Sirius Real Estate interim profit down as high costs offset demand

    November 21, 2022
    Picked for you

    LACERA invites tenders for the system’s emerging real asset management program

    Retirement planning February 2, 2023

    The Los Angeles County Employees Retirement Association invites proposals from qualified companies to implement the…

    BestNewsOnline.net is owned and managed by

    Top10 International FZ LLE
    Office 2002, 20th Floor, Creative Tower
    Fujairah, United Arab Emirates
    TRN: 100608946800003

    • Home
    • Contact us
    • Privacy policy
    • Terms and services

    Type above and press Enter to search. Press Esc to cancel.