(Richmond, IN)--Here’s more on the city of Richmond’s new food and beverage tax, which was approved by Common Council in an 8-1 vote on Monday night.  The one-percent tax is now set to go into effect on February 1.  Due to changes at the state level, local property tax revenue is expected to drop by $1.4 million next year.  That’s about the amount of revenue that the new tax is expected to generate, prompting Mayor Ron Oler to call it replacing, not erasing.  Since property tax caps were enacted 15 years ago, the city has lost $120 million in tax revenue that led to deferred maintenance in several areas.