Henrico, Virginia Property Taxes
The median property tax rate in Henrico, VA is 0.85%, slightly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Henrico at $304,900, the typical annual property tax bill reaches $2,605, just below the national median of $2,690. Property taxes in Henrico are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Henrico's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Henrico or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Henrico, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Henrico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henrico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henrico to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Henrico, Virginia
Property taxes in Henrico, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henrico is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Henrico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henrico estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Henrico's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23075 zip code has the highest median property tax rate of 0.86%, while the 23226 zip code has the lowest median tax rate of 0.83%. Understanding how these areas compare with Henrico provides valuable insights into the varying tax landscape across Henrico County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henrico Tax Rate
0.85%
Average Henrico County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henrico, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23075 | 0.83% | 0.85% | 0.86% | 0.86% | 0.86% |
| 23226 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
| 23228 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23229 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23231 | 0.83% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23233 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23238 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23294 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Henrico, Virginia
In Henrico, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Henrico County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The highest median tax bill in Henrico is $3,696 in zip code 23233, while the lowest is $498 in zip code 23226. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Henrico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Henrico Assessed Value
$304,900
Average Henrico County Assessed Value
$308,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henrico, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23075 | $130,280 | $161,100 | $197,100 | $233,000 | $272,140 |
| 23226 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 |
| 23228 | $177,100 | $207,300 | $246,100 | $296,200 | $351,700 |
| 23229 | $258,400 | $299,200 | $387,300 | $667,000 | $915,000 |
| 23231 | $159,000 | $203,525 | $261,900 | $330,900 | $407,170 |
| 23233 | $267,500 | $352,650 | $435,000 | $565,100 | $717,820 |
| 23238 | $221,800 | $270,450 | $366,200 | $457,300 | $620,810 |
| 23294 | $217,400 | $259,000 | $290,400 | $329,300 | $388,800 |
Source: Ownwell
Property Tax Bills Across Henrico, Virginia
In Henrico, VA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and property improvements. For instance, the median home price in Henrico is $304,900, which serves as a benchmark for assessing property values. Homeowners in Henrico experience varying tax bills. The 25th percentile tax bill is approximately $1,986, while the 75th percentile reaches around $3,586. Those at the 90th percentile can expect to pay up to $5,368 annually. The highest median tax bill in Henrico is $3,696 in the 23233 zip code, contrasting sharply with the lowest median tax bill of $498 in the 23226 zip code. These tax bills significantly impact homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Henrico's tax rates and bills reflect the region's unique real estate market and valuation practices.
Average Henrico Tax Bill
$2,605
Average Henrico County Tax Bill
$2,643
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Henrico, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23075 | $1,015 | $1,331 | $1,678 | $1,994 | $2,328 |
| 23226 | $498 | $498 | $498 | $498 | $498 |
| 23228 | $1,467 | $1,754 | $2,090 | $2,522 | $2,995 |
| 23229 | $2,169 | $2,538 | $3,320 | $5,739 | $7,825 |
| 23231 | $1,315 | $1,720 | $2,227 | $2,812 | $3,475 |
| 23233 | $2,227 | $2,988 | $3,696 | $4,814 | $6,106 |
| 23238 | $1,868 | $2,290 | $3,131 | $3,909 | $5,361 |
| 23294 | $1,830 | $2,180 | $2,462 | $2,798 | $3,323 |
Source: Ownwell