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Richmond VA Property Tax Guide [2024] 💰 | Richmond Property Tax Rate, How to Pay + More

Last Updated on: 12th September 2023, 09:50 am

If you’ve ever owned a home, you know property taxes are part of the deal. You have to pay them every year, and they typically change every year. At times, the change can be significant. If you are considering moving to Richmond and buying a home, you’ll want to know and understand what the Richmond, VA property tax costs are to estimate how much it will cost you to own a home there.

The City of Richmond has the 18th highest average property tax out of 135 counties and independent cities in Virginia. This complete guide to the City of Richmond property tax gives you everything you need to know about Richmond County property tax rate in the city, including tax rates, how to pay your tax bill, how to appeal your home’s appraised value, and tips on lowering your City of Richmond property taxes through exemptions.

City of Richmond Property Taxes

The City of Richmond levies taxes on real property as authorized by Virginia state law. The City Assessor determines property values, and the Department of Finance issues tax bills based on the property valuations provided by the Assessor’s Office. Real estate taxes are due twice a year in the City of Richmond, on January 14th and June 14th. 

When determining the Richmond tax rate, the Assessor considers land, buildings, and attachments to the land and/or buildings for each property. The Virginia Constitution requires that assessments be at 100% of the fair market value (FMV) of the property. The City Assessor calculates real estate tax by multiplying the FMV of the property by the real estate tax rate determined by the Richmond City Council. The City Assessor determines the FMV of over 70,000 real property parcels each year in Richmond.

Virginia law requires that tax bills be issued 14 days prior to the tax due date. Bills are mailed to the address of record. Tax due dates must also be advertised at least once in a paper of general circulation 30 days before the due date. The Richmond Department of Finance typically issues real estate tax bills 30 days before the due date and advertises the tax due dates in at least two local papers.

City of Richmond Real Estate Assessor

Virginia State Capitol In Richmond Virginia Usa

This Richmond Real Estate Assessor’s office operates under the direction of the Richmond City Council. They have the responsibility and assessing the FMV of real estate in the city every year and determining the Richmond, VA property tax rates to apply. They also handle real estate tax exemptions and maintain the city’s real estate database, where users can use the Richmond County property tax lookup to find the history of tax for their property.

City of Richmond Real Estate Assessor Office & Contact Info

 

City of Richmond Department of Finance

The City of Richmond Department of Finance has the responsibility of sending out tax bills twice a year on January 14th and June 14th. They collect tax payments and distribute funds. The department offers a Real Estate Tax Relief for the Elderly & Disabled Program that is available for citizens who are 65 or older and permanently and totally disabled. The department’s Delinquent Collections Unit has the responsibility of collecting any outstanding or delinquent real estate taxes.

City of Richmond Department of Finance Office Location & Contact Info

  • The City of Richmond’s Director of Finance is Sheila White.
  • The City of Richmond Department of Finance office is located at Richmond City Hall, 900 E. Broad St., Room 802, Richmond, VA 23219.
  • The City of Richmond Department of Finance hours are Monday through Friday, 8 am to 5 pm.
  • Contact the City of Richmond Department of Finance at (804) 646-5700 or via email at finance@richmondgov.com

City of Richmond Property Tax Rate

Property taxes in Richmond are calculated using the assessed 100% of the Full Market Value of the property as determined by the city of Richmond Assessor’s Office. The FMV of the property is multiplied by the real estate tax rate to determine the amount.

Tax bills are sent out twice a year; however, you have the option of paying your bill monthly or in other periodic installments via the City of Richmond Real Estate Tax Escrow program. You can see Richmond property tax records online as well.

If you do not receive your tax bill, it is still your responsibility to make your property tax payment by the tax due date. Make sure you use the Richmond property search to find out your taxes. Also, if you qualify for tax exemptions for the elderly, disabled, or for other reasons, you could lose the exemption for the current tax year if you fail to remit your portion of the tax amount due by the tax due date.

Richmond County property tax rate is $1.20 per $100 of the property’s assessed value. When assessing a property’s value, the Richmond Assessor’s office considers the land, buildings, and attachments to the land and/or buildings. The real estate tax rate is established by the Richmond City Council.

If you owned a property in the city with a Fair Market Value of $100,000, here is the Richmond property tax calculator written up for you:

Property value = $100,000

Property Value / 100 = 1000

1000 x $1.20 (tax rate) = $1,200 real estate tax

The median home price in Richmond is $329,950. Plugging this value into the calculation above gives you an estimate of the average real estate tax in the city:

Property value = $329,950

Property Value / 100 = 3,299.5

3,299.5 x $1.20 (tax rate) = $ 3,959.40 real estate tax

The average national real estate tax is $2,471, which is about $1200 less than the average real estate tax in Richmond.

Property taxes in Richmond increased by an average of 13% for 2023, and the average assessed value of a home in the city jumped by 13.04%. This increase is due to several factors, such as low inventory, more homebuyers, rising rents, and low-interest rates for mortgages in 2020 and 2021.

Property Tax for Counties Surrounding the City of Richmond

houses on coins

The Richmond Metro Area includes 15 Counties and the independent cities of Petersburg, Hopewell, and Colonial Heights. If you are looking at buying a home outside of the city but in the Richmond Metro area, here are the property tax rates and average property taxes for the surrounding counties and cities:

 

Cities:

City Property Tax Rate Median Home Price Average Property Tax
Petersburg $1.27 per $100 $180,000 $2,286.00
Hopewell $1.13 per $100 $222,500 $2,514.25
Colonial Heights $1.20 per $100 $265,000 $3,180.00

 

Counties:

County Property Tax Rate Median Home Price Average Property Tax
Amelia $0.51 per $100 $280,000 $1,438
Charles City $0.76 per $100 $269,500 2,048.20
Chesterfield $0.92 per $100 $380,000 $3,496.00
Dinwiddle $0.79 per $100 $255,000 $2,014.50
Goochland $0.53 per $100 $549,000 $2,909.70
Hanover $0.81 per $100 $447,932 $3,628.25
Henrico $0.85 per $100 $325,000 $2,762.50
King William $0.835 per $100 $314,999 $2,630.24
New Kent $0.67 per $100 $423,075 $2,834.60
Powhatan $0.77 per $100 $459,000 $3,534.30
Prince George $0.82 per $100 $268,000 $2,197.60
Sussex $0.48 per $100 $121,800 $584.64

 

As you can see, property taxes are less if you buy a home outside of the Richmond city limits. 

City of Richmond Property Tax Payments – Due Dates & How to Pay Your Tax Bill

Property taxes in Richmond are due twice a year. The Richmond property tax due date is on January 14th and June 14th. Richmond property tax bills must be issued 14 days prior to the tax due date per Virginia law. The Richmond Department of Finance issues real estate tax bills 30 days before the due dates. Payments can be made in several ways:

  • Online through Invoice Cloud, which accepts credit/debit cards, e-checks, scheduled payments, and automatic payments.
  • By mail with a check or money order to Virginia Department of Taxation, PO Box 2369 Richmond, VA 23218.
  • By direct debit from your bank account
  • In person at Richmond City Hall, 900 E. Broad St., Richmond, VA 23219

Richmond property tax payments are paid to the Department of Finance, 900 E. Broad St., Richmond, VA 23219.

If you do not pay your real estate taxes on time, you will receive a collections notice from the Delinquent Collections Unit of the City of Richmond Finance Department. If you do not pay in full after receiving the delinquent notice, you may be subject to the following actions:

  • Issuing tax liens
  • Outsourcing to a collection attorney or agency
  • Civil lawsuits
  • Seizure of property

In addition, you may have your state tax refund or lottery winnings seized and charged $25.00 and 4% of the total refund. You may also be restricted from registering and/or renewing any vehicles you own with state license tags at DMV and charged $25.00.

If you need assistance in making payments, you can set up a payment arrangement. The following chart provides the details depending on how much you owe.

Total Amount Due Maximum Length of Arrangement Offered
$1,000 to $5,000 15% down payments up to 12 months
$5,001 to $15,000 15% down payments up to 18 months
$15,001 to $50,000 15% down payments up to 24 months
$50,001 to $75,000 15% down payments up to 36 months
$75,001 to $100,000 15% down payments up to 48 months
$100,001 and up 15% down payments up to 60 months

City of Richmond Property Search/Tax Records

The Real Estate Assessor Office’s Richmond Property Search page allows you to search for properties by parcel ID, property address, land value, land use (residential, multifamily, commercial etc.), improvements, and more.

City of Richmond Property Tax Exemptions

The City of Richmond Department of Finance offers a Real Estate Tax Relief for the Elderly & Disabled Program for citizens. The Richmond property tax exemption for seniors is for those who are 65 or older. Qualification for Richmond property tax exemptions exemption is based on income, the net worth of the property owner, and any income of others living in the household. The program offers either a partial or full tax exemption from real estate taxes or a tax freeze that exempts those qualified from increases in real estate taxes.

The Real Estate Assessor’s office offers real estate tax assessment exemptions for disabled veterans. The Richmond property tax exemption for veterans is for those who are temporarily or permanently disabled. The assessment is based on these criteria:

  • Certification from the Veteran’s Administration of 100% service-connected permanent disability
  • The veteran owns the property
  • The veteran occupies the property as a primary residence
  • Surviving spouse of a veteran killed in action who owns/occupies the property.

City of Richmond Property Tax Appeals

Real Estate Assessment notices are mailed out on or about September 1, detailing prior assessed value, projected assessed value, and the calculated change in real estate taxes. If you have questions regarding your assessment, you can contact the City Assessor at (804) 646-7500 for assistance.

For Richmond property tax appeal, follow these steps:

  1. File a written appeal with the City Assessor’s Office no later than September 30.
  2. Complete the Board of Equalization Application by November 30 of the current calendar year.

Optionally, you can appeal directly to the Richmond Circuit Court within three years of the assessment year.

City of Richmond Property Tax FAQ

 

When are property taxes due in Richmond?

Taxes are due twice a year, on January 14 and June 14.

When are property tax bills mailed out in Richmond?

Tax bills are mailed out 30 days before the due dates.

What is the property tax rate in Richmond?

The real estate tax rate is $1.20 per $100 of the assessed fair market value of the property.

Now that you have a better understanding of Richmond, VA property taxes, you can estimate how much your property taxes will be when buying a house in Richmond. When you’re ready to make that move to Richmond, On the Fly Moving can help make your move as easy as possible. Call the top movers in Richmond at 804-836-4954 for a free quote!

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