R
ichmond Mayor Stoney has proposed targeted relief measures to help residents cope with rising housing costs and stay in their homes. This comes as City Councilor Reva Trammell has also suggested a permanent reduction in the city's real estate tax rate, which could lead to some form of tax relief for Richmond residents.

    The mayor's proposal, dubbed RVA Stay, includes three programs: a grant pilot providing up to $200 monthly for six months to low-income renters and owners; exempting homeowners 65 or older, or those with disabilities, from future property tax increases; and a one-time real estate tax rebate for all property owners. These measures aim to address the city's rising rent and property values that have pushed some locals out.

    Stoney's proposal is in response to Trammell's plan to lower the city's real estate tax rate from $1.20 to $1.16 per $100 of assessed property value, which could reduce average residential tax bills by $150 annually. Stoney argues that his proposals would offer greater financial relief to more residents than an across-the-board reduction and allow the city to maintain essential services.

    The proposed programs include a one-time four-cent tax rebate for all property owners, with checks expected in January; the Gap Grant Pilot Program providing up to $1,200 in gap grants to qualifying low-income renters and homeowners over six months; and the Richmond Freeze Program freezing real estate tax assessments for eligible seniors or disabled residents.

    City council will need to approve Stoney's proposals as they continue discussions on Trammell's permanent tax reduction. Council members are set to begin discussing Stoney's plan at committee meetings this week, with applications for the new programs expected in January.