Henrico, Henrico County, Virginia Property Taxes

Name: Property Tax Bills Across Henrico, Henrico County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Henrico, VA effective property tax rate: 0.85%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Henrico, VA home value: $304,900
Median annual Henrico, VA tax bill: $2,605, $205 higher than the national median property tax bill of $2,400.

How are property taxes in Henrico calculated?

Property taxes in Henrico, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Henrico’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Henrico, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Henrico, Henrico County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.85%

Estimate Property Tax Bill

$2,592

$2,405

Ownwell’s Henrico Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Henrico with just two data points. By entering your property's estimated assessed value, our calculator applies Henrico’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Henrico. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Henrico, Henrico County, Virginia

Local government entities determine tax rates, leading to significant variations within a state. This is due to each county's need to estimate its annual budget for services, which is then divided by the total value of all taxable property in the area, resulting in the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is the essence of the process.

In Henrico, VA, the effective property tax rate is a point of interest when comparing it to other cities within Virginia and the national landscape. The median property tax rate in Henrico is 0.85%, which is lower than the national median of 1.02%. The highest median tax rate in Henrico is slightly higher at 0.86% in the 23075 ZIP code, while the lowest remains at 0.85% in the 23228 ZIP code. This comparison highlights Henrico's relatively moderate tax rate, offering an appealing scenario for property owners when compared to the national median property tax rate and bill of $2400.

Property Tax Rates Across Henrico, Henrico County, Virginia

Source: Ownwell

0.85%

0.86%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Henrico Tax Rate

0.85%

Median Effective Henrico County Tax Rate

0.85%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Henrico, Henrico County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
23075	0.83%	0.85%	0.86%	0.86%	0.86%
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%
23226	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Henrico, Henrico County, Virginia

When examining property taxes in Henrico, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Henrico County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Henrico County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Henrico. For example, the median home price in Henrico is $304,900, with tax bills ranging significantly across the county. Zip code 23233 has the highest median home price at $435,000.

Property Tax Assessment Values Across Henrico, Henrico County, Virginia

Source: Ownwell

$169,150

$358,225

$547,300

Median Henrico Market Value

$304,900

Median Henrico County Market Value

$308,300

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Henrico, Henrico County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
23075	$130,280	$161,100	$197,100	$233,000	$272,140
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
23226	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Henrico, Henrico County, Virginia

In Henrico, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Henrico is $304,900, and property tax rates are applied to this assessed value to determine the tax bill. Factors influencing the tax bill include the property's location and any applicable exemptions. Homeowners in Henrico face a median property tax bill significantly higher than the national median, with the 25th percentile at $1,986 and the 75th percentile at $3,586. The highest median tax bill in the area is $3,696 in ZIP code 23233, while the lowest is $1,678 in ZIP code 23075. This variation in tax bills can significantly impact homeowners' financial planning. Ownwell assists homeowners in reducing their property tax bills by identifying potential savings through appeals and exemptions. By leveraging expertise in local tax regulations, Ownwell ensures homeowners pay only their fair share, potentially saving them thousands of dollars annually.

Property Tax Bills Across Henrico, Henrico County, Virginia

Source: Ownwell

$1,439

$3,047

$4,654

Median Henrico Tax Bill

$2,605

Median Henrico County Tax Bill

$2,643

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Henrico, Henrico County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
23075	$1,015	$1,331	$1,678	$1,994	$2,328
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
23226	N/A	N/A	N/A	N/A	N/A

Source: Ownwell