2 + 2 Tax Relief Program

About the Program

Category: Financial Management (Best in Category)

Year: 2023

With the rapid rising inflation and economic uncertainty of home prices in 2021, Henrico County leaders developed a two-part real estate tax relief plan that reduced the real estate rate and provided an innovative one-time credit to taxpayers to offset the higher assessed values. The reduction in the tax rate provided long-term relief; at the same time, the one-time credit, made possible by recent state legislation, supplied immediate cash to taxpayers, which was a first-of-its-kind program. Checks were sent to owners of record as of February 1, 2022.