Sep 13, 2023 - News

Real estate tax relief for Henrico

Illustration of a dollar sign, but the middle line is made out of a walking cane.

Illustration: Allie Carl/Axios

A new program in Henrico County could cap real estate tax bills for seniors and people with disabilities beginning next year.

What's happening: Henrico announced a new Real Estate CAP initiative yesterday, a measure that builds on the county's existing real estate tax relief program for seniors and residents who are 100% disabled.

Why it matters: RECAP offers higher income and net worth thresholds to help more residents who live on fixed incomes.

  • The program would also be in addition to the $3,200 tax relief currently available to qualifying Henrico homeowners.

Zoom in: RECAP would be open to homeowners 65 or older or those who are permanently disabled with a maximum household income of $105,000 and net worth of $700,000.

  • The current relief program caps income at $75,000 and worth at $500,000.

How it works: If passed by the Board of Supervisors later this month, RECAP caps qualifying owners' real estate tax bills for as long as they're in the program, shielding homeowners from the big real estate tax increases of the last few years.

  • If assessments or the tax rate drops, so would the participants' tax bills.

Of note: Residents would need to apply to participate; applications could open up next month, per Henrico Citizen.


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