Highlights include personal property tax rate cut, funding for ’22 bond projects, incentives for hotel development, raises for county and HCPS employees
Henrico County is outlining more details of its proposed budget for fiscal 2023-24, two weeks after announcing plans to include its second real estate tax credit in two years to help homeowners manage the impacts of rising property values.
As shared today with several hundred employees at the Department of Public Utilities Operations Center, the proposed budget also will include more tax relief – a 10-cent cut to the personal property tax rate – as well as additional investments in education and public safety; funding for capital projects, including the first wave of projects promised with the 2022 bond referendum; and 8.2% merit-based pay raises for county and schools employees – Henrico’s largest across-the-board salary increase in 33 years.
Continue reading Henrico rolls out more details of proposed budget for fiscal 2023-24
Plan would give a credit based on a 52-cent rate cut, make 1st payments due Aug. 5
The Henrico County Board of Supervisors will consider a personal property tax relief proposal that would give residents an additional 60 days to make their first payments and provide a credit on year-end bills to offset higher-than-expected vehicle values. With the credits, the county would provide an effective 52-cent reduction to the personal property tax rate for 2022, based on current estimates.
Continue reading Henrico proposes personal property tax relief to offset rising vehicle values
