County Tax Relief, a Train Horn, and Richmond Restaurants Five Years after the Pandemic
Cheers RVA!
Today will be sunny with a high of 56 and a low of 40, with a light breeze.
the juice:
The Henrico County Board of Supervisors approved a 2-cent reduction in the real estate tax, dropping the rate from $.85 to $.83 per $100 of assessed value.
The county noted this is the lowest rate of Virginia’s ten largest localities.
The personal property tax on vehicles and property was reduced as well, from $3.40 to $3.35 on vehicles and $3.50 to $3.35 for businesses, per $100 of assessed value.
Median home sale prices across the region have surged in the last five years, including a 52% increase in Henrico.
the pulp:
CSX has stated a continuous train horn that lasted more than an hour on Tuesday morning was due to a horn malfunction and the issue has been resolved.
The Fall Line Trail community meeting takes place tonight to discuss alternate alignments for the paved multi-use path through Bryan Park. The meeting takes place at the Richmond Police Academy from 5:00 - 7:00 pm. Find a schedule of various group rides heading to the event here.
The Kickers play tonight against last year’s champs Union Omaha. The match begins at 7:00 pm at City Stadium. RVAHub has the match preview.
the dive:
Eileen Mellon from Richmond Magazine dives into how local independent restaurants are faring five years after the pandemic.
The article notes a number of challenges owners face, from thin profit margins to increased costs:
Much like homeowners, restaurant operators are navigating an aggressive and expensive real estate market. Nathan Hughes, principal broker of Sperity Real Estate Ventures, a local commercial real estate firm that has helped secure spaces for many Richmond restaurateurs, puts it plainly: “Prices have gone way up.”
Before the pandemic, he says, “you might have been able to buy something at $10, $12 a square foot, up to $30 or $40 on the high, high end. Now the high, high end is more like $60.” Those prices are alarming for seasoned owners, let alone first-timers.
Employees also face a tough financial reality, with line cooks and sous chefs making an average of $17-$18/hour, and servers and bartenders earning around $20/hour, according to data from LinkedIn.
Read the long-form article here.
the vibe:
Have an upward day RVA!
Support this newsletter with a one-time or monthly donation, and thanks for reading.