Henrico County, Virginia Property Taxes
The median property tax rate in Henrico is 0.85%, which is slightly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $308,300 in Henrico, the typical annual property tax bill is approximately $2,643, just below the national median of $2,690. Property taxes in Henrico are calculated based on the tax assessed value, which is generally lower than the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Henrico's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Richmond or another part of Henrico, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Henrico County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$2,621
$2,432
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. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Henrico to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property's assessed value is the value assigned to your property by your county for property tax calculations and takes into account any exemptions you may have on your property.
Property Tax Rates Across Henrico County, Virginia
Property taxes in Henrico play a crucial role in funding essential local services like 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 between different areas within the county. Each year, Henrico estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Henrico's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Sandston has one of the higher property tax rates in Virginia at 0.85%, while the city of Glen Allen boasts one of the lowest at 0.85%. Analyzing how Henrico's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
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 County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Charles City | N/A | N/A | N/A | N/A | N/A |
| Glen Allen | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Henrico | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Richmond | 0.83% | 0.85% | 0.85% | 0.85% | 0.85% |
| Sandston | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Henrico County, Virginia
In Henrico County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Henrico County Appraisal District. The assessed value, however, 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 Henrico County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Henrico County, the highest median tax bill is found in Glen Allen at $3,622, while the lowest is in Richmond at $2,034. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Henrico County, Virginia
Source: Ownwell
$169,150
$358,225
$547,300
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 County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Charles City | N/A | N/A | N/A | N/A | N/A |
| Glen Allen | $248,300 | $323,300 | $426,000 | $567,700 | $717,200 |
| Henrico | $186,200 | $234,100 | $304,900 | $416,900 | $620,600 |
| Richmond | $147,010 | $189,500 | $238,000 | $304,700 | $397,790 |
| Sandston | $171,800 | $204,550 | $251,800 | $307,400 | $373,400 |
Source: Ownwell
Property Tax Bills Across Henrico County, Virginia
In Henrico County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor’s office. The assessed value is then multiplied by the local tax rate to determine the amount owed. The median home price in Henrico County stands at $308,300, and the tax rate is applied to this value to calculate the tax bill. Several factors influence the tax bill, including property location, property type, and any applicable exemptions or deductions. For instance, in Henrico County, tax bills can range significantly, with the 25th percentile at $1,967 and the 75th percentile at $3,714. High-value properties can see tax bills as high as $5,330, which is in the 90th percentile. Homeowners in Henrico County can compare their tax bills to national standards, with the national median property tax rate being 0.99%. The highest median tax bill in Henrico County is found in Glen Allen at $3,622, while the lowest is in Richmond at $2,034. This variation highlights the importance of property location and assessed value in determining tax obligations.
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 County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Charles City | N/A | N/A | N/A | N/A | N/A |
| Glen Allen | $2,058 | $2,733 | $3,622 | $4,844 | $6,107 |
| Henrico | $1,559 | $1,986 | $2,605 | $3,586 | $5,368 |
| Richmond | $1,202 | $1,606 | $2,034 | $2,613 | $3,399 |
| Sandston | $1,428 | $1,723 | $2,133 | $2,616 | $3,185 |
Source: Ownwell