In a tight real estate market in a sought-after city, the inexact science of valuing Richmond's 76,000 properties can leave owners and assessors at odds.
The relentless drumbeat of the outgoing city manager may leave the CBJ in financial ruin because he has pressed forward with the FY24 budget with $10 million going to the manager’s office to fund a new City Hall which the voters turned down. Inflation is not part of the discussion pushing the cost way up over previous estimates. Oversight that’s not part of the discussion. Pushing a new bond initiative of $50 million against the will of the people because of increased costs will happen. Interest rates have shot up and the bond financing available years ago is gone and a new pro forma will mean the costs have skyrocketed.
Homes in poor neighborhoods are taxed at roughly twice the rate of those in rich areas, study shows Published March 12
This April 13, 2019, file photo, shows homes in suburban Salt Lake City. Homeowners in America’s poorest neighborhoods face effective property tax rates roughly double those levied on the richest ones, according to a new study. (AP Photo/Rick Bowmer, File)
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Print article Homeowners in America’s poorest neighborhoods face effective property tax rates roughly double those levied on the richest ones, according to a massive new study by a University of Chicago researcher. In theory, all homeowners in a given jurisdiction are subject to the same property tax rate, regardless of home value. But the methodology cities use to assess property values skews the final effective tax rates dramatically: Some homes are assigned considerably lower assessments than their actual market prices, while others are given much higher valuations.