Sunshine, a Lower Speed Limit, and How to Give Yourself a Tax Cut
Cheers RVA!
Today will be mostly sunny with a high of 76 and a low of 53. The rest of the week is looking similarly pleasant, with sunshine and highs in the mid 70’s.
the juice:
The Department of Public Works has begun installing protective chain link mesh underneath the Lee Bridge, in a proactive measure to increase safety for cyclists and pedestrians below.
The City notes the installation is not the result of any particular incident regarding falling debris, but part of a continued effort to address aging infrastructure and reduce risk.
The northbound right lane and bike lanes on Lee Bridge will be closed during nighttime construction, with the installation expected to be completed in November.
the pulp:
The Virginia Repertory Theatre’s finances are “trending in the right direction” after some downsizing and plans to sell its Hermitage Road location, with managing director Kluas Schuller saying, “the future of Virginia Rep is on Broad Street,” according to the Richmonder. Last year the theatre had to cancel one of its shows and pause programming while also putting out a call for emergency fundraising.
The speed limit on Midlothian Turnpike between Belt Boulevard and Hull Street has been lowered from 35 mph to 30 mph in an effort to improve roadway safety.
the dive:
Jon Baliles dives into the recent property tax assessments and what home owners can do to attempt to lower their tax payments in the most recent issue of his 5×5 substack.
Baliles points out the growth of the Richmond total general budget fund since 2018, which has expanded from $542 million to $1.056 billion for FY2026. (the population has increased slightly, from about 230k to 234k)
The proportion of revenue coming from real estate taxes has grown from 44% to 57% during that same time period.
As the city transitions the assessment cycle to match the budget cycle, the assessments will remain the same next year. However, under the current trends one can expect a significant increase again in 2027.
Baliles suggests owners consider filing an appeal if the assessments seem too high:
Since you have two years before the real estate tax freeze thaws out in 2027, there is a way to give yourself a tax cut and lock in and buy two years to get a lower assessment by filing an appeal. There are two methods allowed by law to file an appeal with the City Assessor. One appeal process is based on recent sales in your neighborhood or street. With a relatively crazy market in recent years, the sales price may not be the best method to appeal (but is easy to use the internet to find recent sales on real estate sites, etc.). The second method is to find other properties in your area that are similar in square footage to yours and compare what values have gone up a lot, a little, or not much at all. It requires a little work, but an hour or two of research could save you big bucks and reduce your an assessment increase and your tax bill.
Read the full article here.
the vibe:
Have a magnificent day RVA!
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