Property owners in Virginia’s capital city may be able to obtain some extra cash in the coming weeks.
Due to an $18 million budget surplus, the city of Richmond, Virginia, passed an act late last year to provide some relief to property taxpayers.
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According to a statement from Richmond’s Department of Finance, the “Five Back” Tax Rebate Program will repay $0.05 for every $100 of the eligible property’s assessed value in 2023. The rebate amount is derived by dividing the total taxable value of the property by $100 and then multiplying the result by $0.05.
For example, if a taxable property is worth $249,000 in 2023, the owner will receive a $124.50 rebate or credit.
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What are the eligibility requirements for this rebate?
To qualify for this rebate, you must be a Richmond property owner who owns and/or paid real estate property tax as of the second billing of the fiscal year ending June 30, 2022.
Furthermore, taxpayers who paid their fiscal 2022 property taxes in full on the January 2022 billing and were also the property owner as of the second billing of the fiscal year ending June 30 of last year are eligible.
Regardless of how many owners and taxpayers are listed on the property, only one payment will be given for each property qualifying for this payment. If a payment is less than $30, it will be used as a credit on the next real estate tax bill rather than a check.
It has also been announced that each property that is eligible for this type of payment will receive only one stimulus check payment, regardless of how many taxpayers or owners are listed on this property. All payments will need to be mailed.
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