Richmond, Henrico County, Virginia Property Taxes

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

Median Richmond, 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 Richmond, VA home value: $238,000
Median annual Richmond, VA tax bill: $2,034, $366 lower than the national median property tax bill of $2,400.

How are property taxes in Henrico calculated?

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

Last Updated March 1, 2025

Richmond, 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

$2,023

$1,877

Ownwell’s Richmond Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, our calculator applies Richmond’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 County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Richmond, Henrico County, Virginia

Local government entities determine tax rates, which can differ significantly within a state. Each county annually estimates its budget to provide essential services and divides it by the total value of all taxable property within its jurisdiction. This calculation determines the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this process occurs every year. Richmond, located in Henrico County, offers a unique perspective on property tax rates in Virginia. The effective property tax rate in Richmond is notable when compared to other cities in the state and the national average. With a median property tax rate of 0.85%, Richmond stands below the national median of 1.02%. This lower rate can translate into significant savings for property owners, especially when compared to the national median property tax bill of $2400. Understanding how these rates are determined and how they compare can provide valuable insights for homeowners and potential buyers in the area.

Property Tax Rates Across Richmond, 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 Richmond 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 Richmond, Henrico County, 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%
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%
23225	N/A	N/A	N/A	N/A	N/A
23233	N/A	N/A	N/A	N/A	N/A
23234	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Richmond, Henrico County, Virginia

When examining property taxes in Richmond, 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.

In Henrico County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Richmond.

For example, the median home price in Richmond is $238,000, with tax bills ranging significantly across the county. Zip code 23226 has the highest median home price at $342,100.

Property Tax Assessment Values Across Richmond, Henrico County, Virginia

Source: Ownwell

$169,150

$358,225

$547,300

Median Richmond Market Value

$238,000

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 Richmond, Henrico County, 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
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
23225	N/A	N/A	N/A	N/A	N/A
23233	N/A	N/A	N/A	N/A	N/A
23234	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Richmond, Henrico County, Virginia

In Richmond, VA, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. With a median home price of $238,000, the property tax landscape in Richmond can be quite varied. Homeowners may see tax bills ranging from approximately $1,606 at the 25th percentile to about $3,399 at the 90th percentile. This variation highlights the importance of accurate property assessments and the impact they have on a homeowner's financial obligations. Richmond's highest median tax bill is $2,901 in the 23226 zip code, while the lowest is $1,439 in the 23222 zip code, showcasing the disparity within different areas. Compared to the national median property tax bill of $2,400, Richmond's tax bills can be relatively high or low depending on the locale. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions, ensuring they are not overpaying. By leveraging expert knowledge, Ownwell helps reduce tax liabilities, providing financial relief to homeowners.

Property Tax Bills Across Richmond, Henrico County, Virginia

Source: Ownwell

$1,439

$3,047

$4,654

Median Richmond Tax Bill

$2,034

Median Henrico County Tax Bill

$2,643

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Richmond, Henrico County, 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
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
23225	N/A	N/A	N/A	N/A	N/A
23233	N/A	N/A	N/A	N/A	N/A
23234	N/A	N/A	N/A	N/A	N/A

Source: Ownwell