Richmond Property Tax Estimator

Estimate your Richmond real estate tax

Property tax is a major annual cost for Richmond, VA homeowners. Because Virginia assesses real estate at 100% of fair market value and Richmond’s effective rate sits near 1.21%, the math is straightforward — and this tool also models the city’s elderly and disabled tax-relief program.

How it works

The estimator applies the effective rate directly to your market value, then subtracts any relief:

assessed value = market value          (Virginia assesses at 100%)
base tax       = assessed value * 0.0121
relief         = base tax * (relief percentage / 100)
annual tax     = base tax - relief
monthly tax    = annual tax / 12

Unlike states that assess at a fraction of market value, Virginia uses the full appraised value, so there is no ratio to apply before the rate.

Tips and example

A $350,000 Richmond home with no relief owes about 350000 * 0.0121 = $4,235 per year, or roughly $353 per month. A qualifying senior with 50% relief would pay about $2,118 instead.

The City Council can adjust the adopted rate each budget cycle, and reassessments shift your market value year to year — re-run the estimate when your assessment notice arrives.

How Richmond’s reassessment process works

Richmond assesses real estate at 100% of fair market value, with regular city-wide reassessments to keep values current. When Richmond conducts a general reassessment, property values across the city are updated to reflect current market conditions. In a rising market, this means assessed values — and therefore tax bills — can increase substantially even if the adopted tax rate stays flat.

When you receive a reassessment notice, you have a limited window to appeal if you believe the assessed value does not reflect fair market value. The appeal process runs through the Board of Equalization, and you can present recent comparable sales, appraisals, or other evidence to support a lower value. Appeals are particularly worth filing if:

• The assessed value is higher than what you believe you could sell the property for
• Comparable homes in your neighborhood sold recently at lower prices
• The assessment fails to account for condition issues (deferred maintenance, needed repairs)

The elderly and disabled real estate tax relief program

Richmond’s real estate tax relief program for the elderly (generally 65 and older) and permanently and totally disabled homeowners reduces the annual tax bill for qualifying residents. Relief is based on income and net worth thresholds set by City Council. The percentage relief varies — some households receive 100% exemption while others receive a partial reduction based on income level.

To qualify, the property must be the applicant’s primary residence, and applications must be filed with the City Assessor’s office. The program resets each year and must be reapplied for. If you or a household member may qualify, contact the City Assessor at (804) 646-7500 or visit the City’s online portal — the relief can be substantial on fixed incomes.

Personal property tax is separate

Richmond also levies a vehicle personal property tax on cars, trucks, and motorcycles registered in the city. This is a separate levy at a different rate and is not related to this real estate tax estimator. Virginia’s car tax relief program (PPTRA) provides a partial subsidy on vehicle personal property tax for the first $20,000 of assessed vehicle value, reducing but not eliminating the bill.