Richmond, Virginia property owners could receive extra money within the next few weeks thanks to the “Five Back” Tax Rebate Program.
“Five Back” Tax Rebate Program in Virginia. (Photo: CNET)
“Five Back: Tax Rebate Program
Last year, the city council adopted an ordinance to offer relief to property taxpayers due to an $18 million budget surplus. According to a statement from Richmond’s Department of Finance, the “Five Back” Tax Rebate Program will provide a rebate of $0.05 for every $100 of the 2023 assessed value of the eligible property, according to an article in The Washington Examiner.
The rebate amount is calculated 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 has a value of $249,000 in 2023, the property owner will receive a $124.50 rebate or credit amount under the “Five Back” Tax Rebate Program.
Eligibility for the “Five Back” Tax Rebate Program
To be eligible for the rebate, one must be a property owner in Richmond who either owned and/or paid real estate property tax as of the second billing of the fiscal year ending on June 30, 2022.
Additionally, taxpayers who paid fiscal 2022 property taxes in full on the January 2022 billing and are also the property owner as of the second billing of the fiscal year ending June 30 of last year are also eligible.
In an article published in Gazette, only one payment will be made for each eligible property, regardless of how many owners and taxpayers are listed on the property. If an eligible recipient’s payment is worth less than $30, it will be applied as a credit on the next real estate tax bill instead of a check. All checks will be mailed no later than Friday.
The “Five Back” Tax Rebate Program is expected to benefit many Richmond property owners. The Washington Examiner reached out to the mayor’s office and the city’s Department of Finance for comment on the program.
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