Property Taxes in Richmond
Richmond property taxes run through a real, comparatively simple structure -- a flat $1.20-per-$100-of-assessed-value real estate tax rate for tax year 2026 -- but that flat rate is genuinely, meaningfully higher than the surrounding Richmond-region counties, a real cost difference for anyone comparing the city against its own suburbs.
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Learn moreRichmond's 2026 Rate: City Council Kept It at $1.20, Rejecting a Rollback
Richmond City Council voted in September 2025 to keep the real estate tax rate at $1.20 per $100 of assessed value for the 2026 tax year, rejecting a proposed rollback to $1.16. Property tax collections make up 57% of the city's general fund -- its single largest revenue source, meaning this rate carries real weight in the city's budget, not just an individual homeowner's bill.
A Real Example: What This Means in Dollars
For a home assessed at $385,000, Richmond's $1.20 rate produces an annual tax bill of $4,620, paid in two equal installments. This is a straightforward, real calculation -- unlike some other states covered in this project with complex multi-tier assessment systems, Richmond applies one flat nominal rate to the assessed value.
Richmond's Rate Is the Highest Among Core Richmond-Region Jurisdictions
Richmond's $1.20 rate runs meaningfully above the surrounding counties often marketed together as part of "Greater Richmond": Henrico County ($0.83 per $100), Chesterfield County ($0.91 per $100), and Hanover County ($0.81 per $100). This is a real, substantial gap -- for a similarly assessed home, a Richmond property owner pays roughly 32%-48% more in nominal rate than an equivalent property in these neighboring counties, a genuine factor for anyone choosing between the city and its suburbs.
Assessments Are a Separate Question From the Rate
This page covers Richmond's tax rate, not its assessment methodology or reassessment cycle -- a specific property's assessed value (which the rate is applied to) should be confirmed directly with the city assessor's office rather than assumed from a purchase price, since assessed value and market/purchase price can diverge.
Virginia's Age Deduction Doesn't Apply to Property Tax Directly
Note that Virginia's age deduction (covered on the taxes and retiring topic pages) reduces state income tax liability, not local real estate tax. Older Richmond homeowners seeking property tax relief specifically should confirm with the city whether a separate local real estate tax relief or exemption program for seniors or people with disabilities exists and what its current eligibility rules are -- this wasn't independently verified to a specific current Richmond program this pass.
Key takeaways
- Richmond's real estate tax rate is $1.20 per $100 of assessed value for tax year 2026, after city council rejected a proposed rollback to $1.16 -- property taxes make up 57% of the city's general fund.
- A home assessed at $385,000 produces a $4,620 annual tax bill (paid in two installments) -- a straightforward, single flat-rate calculation.
- Richmond's rate is the highest among core Richmond-region jurisdictions: meaningfully above Henrico ($0.83), Chesterfield ($0.91), and Hanover ($0.81) -- a real cost gap between the city and its own suburbs.
- This page covers the tax rate, not assessment methodology -- confirm a specific property's assessed value directly with the city assessor rather than assuming it equals the purchase price.
- Virginia's state-level age deduction (taxes/retiring topic pages) doesn't apply to local property tax -- confirm directly with the city whether a separate senior/disability real estate tax relief program exists, which wasn't independently verified this pass.
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