The Richmond City Council in Virginia authorized a tax rebate program in late 2022, now known as the “Five Back” program. This is because the city is repaying $5 for each $100 in real estate property tax that individuals have paid.
Having an $18 million budget balance for 2022 allows for the rebate.
The Richmond Department of Finance released a statement saying, “City Council proposed legislation to balance the increase in taxable assessment values as well as offer relief to taxpayers by returning the surplus cash.
Eligibility
You must have had property in Richmond and settled your real estate taxes in advance by the January 2022 billing date to be eligible for a payout. As well, you should have owned the property during the financial year’s 2nd billing period, which closed on June 30, 2022.
For those who qualify, dividing their entire taxable property value by $100 and adding 5 cents to that figure will get their rebate.
“An example. The sum of the rebate or credit for a chargeable property with a 2023 assessment of $249,000 is $124.50 ($249,000 / $100.00 x 0.05)” DOF stated. However, those under $30 will receive a credit toward their upcoming real estate tax bill.
