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City of Richmond Adopts Lower Tax Rate, Will Still See Increased Revenues

(RICHMOND) – The Richmond City Commission has adopted the Fiscal Year 2023 Budget which begins Oct. 1. The budget of $71.3 million provides for city services while lowering the tax rate .02 cents from $0.680000 to $0.660000.

“I would like to point out we have effectively lowered the tax rate, but it results in increased tax revenues due to increased property values and the addition of newly constructed buildings to the tax roles,” said Commissioner Alex Bement.

Property Taxes are based on home values determined by the Fort Bend Central Appraisal District.

“The budget was prepared strategically to meet the city’s needs as the city continues to grow, while allowing for flexibility to ensure excellent operational and service levels are maintained,” said city officials. “This approach provides for an increase in salaries, competitive wages to attract quality workforce, continued focus on capital improvement projects including street repairs for potholes, curbs and gutters, and repaving of street surfaces, as well as maintaining assets such as vehicles and Information Technology. It also includes surface water projects, and water and wastewater projects to improve the city’s existing infrastructure ensuring Richmond is ready for the new year.”


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