Tax rebate money is always a great thing to collect. Especially in the current economic situation with exorbitant prices all over the USA. Those who live in the capital city of Virginia and are eligible will certainly benefit from some unexpected extra check. This will be relief money for those in the city of Richmond, Virginia, that own a house.
Taxpayers will be able to take advantage of the Five Back Initiative and Tax Rebate Program. This is thanks to the extra 18 million dollars that the city of Richmond has managed to collect from taxes. This is a massive budget surplus and it allows them to offer some support. This fice-cent proposal might come in handy.
How will citizens in Richmond, Virginia, receive their tax rebate?
According to the Office of the Mayor, it will be given in the form of a check. They will send this check to the eligible beneficiaries by mail. Remember, not everyone will get it. It is just for those who qualify and are real property owners. To be eligible you must have paid Real Estate property tax. It will be for the tax you paid in the second billing of the fiscal year that finished on June 30, 2022.
Besides, you can claim it if you are a taxpayer and paid Real Estate property taxes in full in January 2022. You must also be the owner of that property during the second billing that ended on June 30, 2022. Thus, if you meet both requirements, you are also eligible. Even if you got an exemption of part of that tax, you may receive a prorated amount.
How can you work out the amount of your rebate?
Get ready to calculate the amount you could get. Dividing the total taxable value of the house you own by $100 is the first step. Secondly, multiply the result you get by 0.05. For instance, if your house has a taxable value of $130,000 divide it by 100. Then, 1,300 multiplied by 0.05 equals a $65.00 check. There might be some taxpayers that owe delinquent taxes.
If that is your case, the city of Richmond will apply that credit to the outstanding balance they have. If your check is higher than your debt, then you will receive the remaining amount. Despite the fact that your house may have more than one owner, there will only be one payment. So, it is not possible to collect one tax rebate check for every single rightful owner. If your tax rebate check is less than 30 dollars, they will not send you a check. It will be used as a credit for your next tax bill.