Dec 1, 2022 - Politics
Mapped: Richmond’s real estate tax-exemption bonanza
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Nearly a quarter of city properties are exempt from paying any taxes to the city — a statistic that's drawing attention as real estate assessments skyrocket.
What's happening: The observation comes by way of Richmond Magazine news editor Scott Bass, who notes the city is poised to take another large swath of city property off the tax rolls with the Diamond District deal.
- The city and developers plan to funnel much of the new tax revenue from the massive new development to pay off bonds that will be used to build a new minor league baseball stadium.
- Officials estimate the project will still contribute $156 million to the city's general fund over 30 years, but as Bass notes, it would contribute lots more in the absence of bond payments for the new ballpark.
By the numbers: About 23% of the city land is tax exempt, per Richmond Magazine.
- Much of that consists of government buildings, churches and universities, representing $110 million in lost revenue this year.
Go deeper via Richmond Magazine.