Property tax rate drops in Richmond
Richmond has cut its property tax rate ever so slightly, but some residents could still pay more in taxes.
On Monday, City Commission approved a new rate of 78.65 cents per $100 valuation, City Secretary Mona Matak said. The rate had been 79 cents.
But with property values having risen in parts of Richmond, some residents may pay more in city property taxes, despite the less than half-cent decrease, finance director Terri Vela said.
The average assessed value of a home in Richmond dropped this year to $78,195, Vela said. It had been $79,566.
It all depends on your appraised value," Vela said. If your appraised value went down then obviously you wouldn't pay more, but if it went up then yes, it could happen."
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