RICHMOND, Va. (WWBT) - Richmond City Council decided to vote against a proposed four-cent reduction to the real estate tax rate, a decision that would have created a nearly $17 million budget shortfall for the current fiscal year.

There were five no’s, three yes’s, and one abstention on Tuesday’s Oct. 14 meeting.

For now, the decision keeps the real estate tax rate at $1.20 per $100 of assessed home value. If the motion passed, the new tax rate would have been $1.16

“Richmond City Council voted to keep the Richmond Real Estate Tax Rate at $1.20, rather than increase or decrease it, reflecting its commitment to fiscal responsibility in meeting the needs, priorities, and values of Richmond residents,” says Council President Cynthia I. Newbille.

In an interview with 12 On Your Side on M

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