Stoney Proposes Taxes

Raising Real Estate Rate, Adding Cigarette Tax

March 06, 2019 - 4:25 pm

Richmond, Va. (Newsradiowrva.com) -  Richmond Mayor Levar Stoney (D) is proposing an increase in the city's real estate tax rate, as well as the city's first cigarette tax.  The two, combined, would raise $24 million to address infrastructure and school needs.

The real estate rate currently sits at $1.20 of $100 assessed value.  Stoney wants it at $1.29.  The $1.29 level is where the rate stood in 2006, prior to tax cuts and the recession.

Stoney is proposing a $.50 cigarette tax.  City Council would still need to vote on the proposals, and rejected a cigarette tax last year.