Eligible Virginia residents could soon be getting some extra cash in their bank accounts. This money is courtesy of a $18 million fund with payments scheduled to arrive to recipients as soon as next month. This rebate program is made possible due to the state's $18 million dollar budget surplus of 2022. (source)
The Richmond City Council approved the tax rebate in the later part of 2022. These rebates are being called the "Five Back" program because five cents of every $100 spent on real estate are being returned to residents by the state. (source)
The Richmond Department of Finance made an announcement stating, "City Council proposed an ordinance to offset the rise in taxable assessed values and provide relief to taxpayers by returning the surplus funds." (source)
To be eligible for the rebates, residents must have owned a property in Richmond and have paid all real estate taxes by the billing date in January of 2022. Applicants must have also been property owners before June 30, 2022, which is the second billing period of the fiscal year. To calculate the rebate amount, divide the total taxable property value by $100, then multiply that amount by five cents. Amounts below $30 will be issued as a credit on the next real estate tax bill. (source)
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