Stimulus Check Update- Virginia Will Be Issuing A Property Tax Rebate From A Pot Of $18 Million

stimulus check

It has been announced that property owners in the state of Virginia will be able to receive some form of stimulus check payment sometime in the next few weeks. Richmond went on to adopt an ordinance the previous year to bring about some relief to the taxpayers- largely due to a budget of $18 million. The Tax Rebate Program called Five Back will be returning $0.05 for around $100 of the 2023 assessed value of this eligible property- which was mentioned through a statement from the Department of Finance in the city. 

Virginia To Issue Stimulus Check Payment From Existing Pot

The stimulus check amount that one would receive from the rebate is said to be calculated by dividing the total taxable value of the property by a sum of $100- which was then multiplied by $0.05. On the other hand, if a taxable property gets a value of $249,000 in 2023, the owner of the property will be receiving a sum of $124.50 as a rebate or a credit amount.

In order to be deemed eligible for this payment, one would have to be a property owner in the city- who had either owned or paid some form of a real estate property tax as of the second billion of the fiscal year. Also, the taxpayers who did pay for the property tax of 2022 in full on the billing will be deemed eligible for these payments. 

It has also been announced that only a single stimulus check payment will be sent to each property that is eligible for this form of payment, irrespective of how many taxpayers or owners have been listed on this property. All of the payments will have to be mailed- no later than Friday.