What is Richmond's property tax rate?

Richmond's effective real estate tax rate is about 1.21% of assessed value (roughly $1.20 per $100). The exact adopted rate is set by City Council each budget year.

How is assessed value determined?

Virginia assesses real estate at 100% of fair market value, so your assessed value equals the appraised market value. There is no fractional assessment ratio like some states use.

What is the tax-relief percentage?

Richmond offers a real estate tax-relief program for qualifying elderly and disabled homeowners that reduces the bill by a percentage based on income and net worth. Enter your relief percentage to see the reduced amount.

Is this the same as personal property tax?

No. This estimates real estate (real property) tax on your home. Richmond's vehicle personal property tax is a separate levy at a different rate and is not included here.

Why might my actual bill differ?

The adopted tax rate, reassessment changes, stormwater fees, and specific relief eligibility can all shift the final bill. Treat this as an estimate and confirm with the City Assessor.

Richmond Property Tax Estimator

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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.