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HENRICO COUNTY, Va. (WRIC) — Henrico County has introduced an ordinance to offer a first-ever real estate tax credit to property owners.

The Henrico County Board of Supervisors met Tuesday to discuss a proposal that would give property owners a one-time credit on their real estate taxes.

The county is calling it “2+2,” and County Manager John Vithoulkas announced the tax credit as a part of a their proposal during the 2021 State of the County address in December.

Vithoulkas said the credit and a proposed 2-cent reduction of the real estate tax rate would help taxpayers manage the impact of sharply rising real estate values — which lead to increased assessments.

The county said home prices have jumped by 30% to 50% in some areas and, by law, local real estate assessments must reflect 100% of property’s fair market value.