Richmond, Richmond County, Virginia Property Taxes
Median Richmond, Virginia effective property tax rate: 0.70%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Richmond, Virginia home value: $27,477
Median annual Richmond, Virginia tax bill: $192, $2,208 lower than the national median property tax bill of $2,400.
How are property taxes in Richmond calculated?
Property taxes in Richmond, Virginia 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, Richmond County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.7%
Estimate Property Tax Bill
$192
$178
Property Tax Rates Across Richmond, Richmond County, Virginia
Local government entities determine tax rates, leading to significant variations within Virginia. This is because each county annually estimates its budget for necessary services and divides that by the total value of all taxable property in the area, resulting in the property tax rate. While setting these rates involves votes and laws, this process occurs every year.
In Richmond, the effective property tax rate is 0.70%, which is lower than both the Virginia median and the national median of 1.02%. The median property tax bill in Richmond is $1,680, which is notably less than the national median bill of $2,400. This makes Richmond an attractive location for property owners looking to save on their annual tax expenses.
Comparing Richmond to other cities in Virginia, it stands out for its lower tax rate, offering a financial advantage to property owners. Understanding these differences can help residents make informed decisions about property investments and financial planning.
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
0.70%
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 County Tax Rate
0.70%
Median Effective Virginia Tax Rate
0.89%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Richmond, Richmond County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23231 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Richmond County, Virginia
When examining property taxes in Richmond, Virginia, 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 Richmond 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 Richmond 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 Richmond. For example, the median home price in Richmond is $27,477, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Richmond, Richmond County, Virginia
Source: Ownwell
$108,981
$122,415
$135,849
Median Richmond Market Value
$27,477
Median Richmond County Market Value
$134,435
Median Virginia Market Value
$298,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Richmond, Richmond County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23231 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Richmond, Richmond County, Virginia
In Richmond, Virginia, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. Richmond's property tax bills are notably low compared to the national median, with most homeowners paying around $192. Given the national median property tax bill is $2,400, Richmond homeowners benefit from significantly lower tax obligations. Factors influencing the tax bill include the property's assessed value, any applicable exemptions, and the local tax rate. For homeowners, these factors can impact financial planning and housing affordability.
Ownwell offers property tax appeal and exemption services that can help Richmond homeowners potentially lower their tax bills even further. By reviewing assessments for inaccuracies and ensuring all eligible exemptions are applied, Ownwell can assist homeowners in reducing their tax burden. This service not only helps save money but also ensures fair taxation, allowing homeowners to focus on other financial priorities.
Median Richmond Tax Bill
$192
Median Richmond County Tax Bill
$931
Median Virginia Tax Bill
$2,608
Median United States Tax Bill
$2,400
Property Tax Bills Across Richmond, Richmond County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23231 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell