Richmond County, Virginia Property Taxes
The median property tax rate in Richmond is 0.70%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Richmond, the typical annual property tax bill reaches $931, which is well below the national median of $2,690. Property taxes in Richmond are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Richmond'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 the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richmond County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$941
$873
Ownwell’s Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Richmond with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Richmond 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 assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Richmond County, Virginia
Property taxes in Richmond County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Richmond County is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Richmond County set these rates annually, and they can vary significantly between different areas within the county. Each year, Richmond County 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 Richmond County's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Richmond has one of the higher property tax rates in Virginia at 0.70%, while the city of Village boasts one of the lowest at 0.70%. Analyzing how Richmond County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Richmond County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Callao | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Farnham | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Haynesville | N/A | N/A | N/A | N/A | N/A |
| Heathsville | N/A | N/A | N/A | N/A | N/A |
| Henrico | N/A | N/A | N/A | N/A | N/A |
| Lancaster | N/A | N/A | N/A | N/A | N/A |
| Montross | N/A | N/A | N/A | N/A | N/A |
| Richmond | N/A | N/A | N/A | N/A | N/A |
| Sharps | N/A | N/A | N/A | N/A | N/A |
| Village | N/A | N/A | N/A | N/A | N/A |
| Warsaw | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Richmond County, Virginia
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Richmond County, VA. 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 Richmond 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 Richmond 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. For instance, residents in Sharps face the highest median tax bill at $2,734, while those in Henrico enjoy the lowest at $167. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Richmond County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Richmond County, Virginia
Source: Ownwell
$108,981
$122,415
$135,849
Average Richmond County Assessed Value
$134,435
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Callao | $47,671 | $81,884 | $108,981 | $145,924 | $198,132 |
| Farnham | $50,900 | $86,330 | $134,835 | $209,832 | $347,734 |
| Haynesville | N/A | N/A | N/A | N/A | N/A |
| Heathsville | N/A | N/A | N/A | N/A | N/A |
| Henrico | N/A | N/A | N/A | N/A | N/A |
| Lancaster | N/A | N/A | N/A | N/A | N/A |
| Montross | N/A | N/A | N/A | N/A | N/A |
| Richmond | N/A | N/A | N/A | N/A | N/A |
| Sharps | N/A | N/A | N/A | N/A | N/A |
| Village | N/A | N/A | N/A | N/A | N/A |
| Warsaw | $42,434 | $87,756 | $135,849 | $206,082 | $319,409 |
Source: Ownwell
Property Tax Bills Across Richmond County, Virginia
In Richmond County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county’s property assessor and reflects the market value of the property. Homeowners in Richmond County pay a median property tax rate of 0.99%, which is aligned with the national median. The tax bill can vary significantly depending on the home's value and other factors such as exemptions or improvements. For instance, the median home price in Richmond County is $134,435. At the 25th percentile, homeowners might pay around $600 annually, while those at the 75th percentile could see bills as high as $1,424. The top 10% of homeowners face tax bills up to $2,208. Comparatively, the highest median tax bill in the state is $2,734 in Sharps, while the lowest is $167 in Henrico. This variability underscores the importance of accurate property assessments and the impact of local tax rates on homeowners' financial responsibilities.
Average Richmond County Tax Bill
$931
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Callao | $334 | $573 | $763 | $1,021 | $1,387 |
| Farnham | $347 | $598 | $932 | $1,451 | $2,377 |
| Haynesville | N/A | N/A | N/A | N/A | N/A |
| Heathsville | N/A | N/A | N/A | N/A | N/A |
| Henrico | N/A | N/A | N/A | N/A | N/A |
| Lancaster | N/A | N/A | N/A | N/A | N/A |
| Montross | N/A | N/A | N/A | N/A | N/A |
| Richmond | N/A | N/A | N/A | N/A | N/A |
| Sharps | N/A | N/A | N/A | N/A | N/A |
| Village | N/A | N/A | N/A | N/A | N/A |
| Warsaw | $295 | $606 | $941 | $1,424 | $2,154 |
Source: Ownwell