Richmond, Virginia Property Taxes
The median property tax rate in Richmond, VA is 0.83%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $169,800, the typical annual property tax bill in Richmond is $1,423, falling below the national median of $2,690. Property taxes in Richmond are calculated based on the tax assessed value, which often falls below market value due to exemptions such as 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
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,409
$1,308
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 0.83%, slightly lower than both the Virginia state median and 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 23231 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Richmond provides valuable insights into the varying tax landscape across Charles City, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
0.83%
Average Charles City County Tax Rate
0.82%
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 |
|---|---|---|---|---|---|
| 23231 | 0.77% | 0.81% | 0.83% | 0.85% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Virginia
In Richmond, 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 local assessment authority 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. In Richmond, 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. 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 Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Richmond is $1,423 in the 23231 zip code, while the lowest median tax bill is also $1,423 in the same zip code.
Average Richmond Assessed Value
$169,800
Average Charles City County Assessed Value
$130,500
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 |
|---|---|---|---|---|---|
| 23231 | $84,780 | $114,700 | $169,800 | $253,900 | $338,320 |
Source: Ownwell
Property Tax Bills Across Richmond, Virginia
In Richmond, Charles City County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value reflects the market value of the property, and the tax rate is applied to this value to calculate the annual tax bill. For instance, with a median home price of $169,800, homeowners can expect varying tax bills. The tax bill for the 25th percentile is around $914, while the 75th percentile sees bills of approximately $2,228. Those in the 90th percentile face tax bills up to $2,919. The highest median tax bill in the area is $1,423, found in the 23231 zip code. These property taxes fund essential local services, including schools, public safety, and infrastructure. Homeowners in Richmond can compare this to the national median property tax rate of 0.99%, understanding how their local tax rates impact their overall financial obligations.
Average Richmond Tax Bill
$1,423
Average Charles City County Tax Bill
$1,115
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 |
|---|---|---|---|---|---|
| 23231 | $699 | $914 | $1,423 | $2,228 | $2,919 |
Source: Ownwell