Richmond, Virginia Property Taxes
The median property tax rate in Richmond, VA is 0.85%, which is below both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Richmond at $238,000, the typical annual property tax bill reaches $2,034, falling short of the national median of $2,690. Property taxes in Richmond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Richmond'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 Richmond 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
Richmond, 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 Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond 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 Richmond, Virginia
Property taxes in Richmond, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 0.85%, lower than the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23222 zip code has the highest median property tax rate of 0.85%, while the 23234 zip code has the lowest median tax rate of 0.83%. Understanding how these cities compare with Richmond 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 Richmond 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 Richmond, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23222 | 0.83% | 0.84% | 0.85% | 0.85% | 0.86% |
| 23223 | 0.83% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23225 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23226 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23227 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23230 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 23233 | N/A | N/A | N/A | N/A | N/A |
| 23234 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Richmond, Henrico County, Virginia. 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 local appraisal authorities 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 in Richmond 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in Richmond is $2,901 in the 23226 zip code, while the lowest is $740 in the 23234 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richmond Assessed Value
$238,000
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 Richmond, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23222 | $120,700 | $142,525 | $169,150 | $198,675 | $236,910 |
| 23223 | $138,700 | $176,275 | $226,050 | $272,300 | $338,800 |
| 23225 | $186,600 | $186,600 | $186,600 | $186,600 | $186,600 |
| 23226 | $211,960 | $254,250 | $342,100 | $427,850 | $553,360 |
| 23227 | $183,980 | $223,400 | $265,750 | $323,825 | $399,010 |
| 23230 | $181,980 | $214,400 | $243,500 | $317,900 | $438,860 |
| 23233 | N/A | N/A | N/A | N/A | N/A |
| 23234 | $89,200 | $89,200 | $89,200 | $89,200 | $89,200 |
Source: Ownwell
Property Tax Bills Across Richmond, Virginia
Property tax bills in Richmond, Henrico County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, condition, and any improvements made. Homeowners in Richmond can expect their property tax bills to vary significantly. For instance, the median home price is $238,000, resulting in a wide range of tax bills. The 25th percentile tax bill is $1,606, while the 75th percentile reaches $2,613, and the 90th percentile can go up to $3,399. Comparatively, Richmond's property tax rates and bills can vary widely within the city itself, with the highest median tax bill reaching $2,901 in ZIP code 23226 and the lowest median tax bill at $740 in ZIP code 23234. Understanding these factors helps homeowners anticipate their annual financial obligations.
Average Richmond Tax Bill
$2,034
Average Henrico County Tax Bill
$2,643
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23222 | $973 | $1,183 | $1,439 | $1,705 | $2,032 |
| 23223 | $1,102 | $1,490 | $1,935 | $2,334 | $2,895 |
| 23225 | $1,586 | $1,586 | $1,586 | $1,586 | $1,586 |
| 23226 | $1,762 | $2,140 | $2,901 | $3,628 | $4,698 |
| 23227 | $1,511 | $1,869 | $2,254 | $2,756 | $3,417 |
| 23230 | $1,536 | $1,813 | $2,077 | $2,715 | $3,727 |
| 23233 | N/A | N/A | N/A | N/A | N/A |
| 23234 | $740 | $740 | $740 | $740 | $740 |
Source: Ownwell