Henrico County expanding tax breaks for seniors and businesses (2024)

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HENRICO COUNTY

Sean Jones
May 29, 2024
May 29, 2024
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Seniors and businesses in Henrico County are set to pay less in taxes when new rules go into effect next year.

Property owners who are 65 or older or permanently disabled can now qualify for a real estate tax break if their income is $125,000 or less and they have a net combined financial worth of $750,000. These thresholds represent an increase of $20,000 and $50,000, respectively.

The Real Estate Cap Program places a cap on the amount of real estate taxes paid by eligible property owners once they enter the program. Future increases in the assessment values of their homes would not result in an increase in tax bills.

Net worth excludes the value of a person’s home, and property owners must permanently live in a Henrico dwelling.

The program was launched in 2023 as a way to manage economic pressures caused during the pandemic. Historically low interest rates significantly upped the demand for homes, sending the value of homes across the country — and especially in Richmond — skyrocketing.

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Retired people living on fixed incomes have been some of the hardest hit. Their incomes have remained the same as real estate taxes continue to rise.

The typical Henrico home has increased $108,000 in value since 2020, according to Zillow’s Home Value Index. That results in an added $950 to the typical homeowner’s tax bill every year.

Henrico’s real estate tax rate is $0.87 per $100 of assessed value.

Relief for businesses

Henrico businesses are also set to benefit from a separate eligibility expansion passed by the Henrico County Board.

Businesses earning up to $1 million will be exempt from paying businesses license tax to the county. The previous threshold was $500,000.

County officials said that businesses making over $1 million will be able to deduct up to $1 million from their revenue before calculating their business tax.

The county’s business license tax includes most types of businesses such as retail, restaurants and services.

Recognize this? 1950s photos from The Times-Dispatch archives

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Sean Jones (804) 649-6911

sjones@timesdispatch.com

Twitter: @SeanJones_RTD

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Sean Jones

Youth Issues/Families and Education reporter, Henrico and Hanover Counties Reporter

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