Sep 11, 2023 - News

Where home values went up in Richmond

Richmond property value change, 2023 to 2024
Data: City of Richmond; Map: Axios Visuals

City of Richmond homeowners are finally seeing some relief in their real estate assessments after back-to-back years of double-digit increases.

What's happening: The average assessed value of a Richmond home increased by 7.7% for the 2024 tax year, a significant drop from the last two years, when the average increase was over 13% each year.

Why it matters: It's a welcome change for city homeowners who've gotten hit with a significantly higher real estate tax bill for the past two years.

  • The increases for tax years 2022 and 2023 meant the average Richmonder was paying nearly $1,000 more a year in real estate taxes than before the pandemic.

What they're saying: "Interest rates had a calming effect on the market. Now we're getting back to normal, or what's normal for us," city assessor Richie McKeithen tells Axios.

Yes, but: Assessed values still went up in nearly every part of town, with roughly a third of Richmond neighborhoods seeing double digit increases.

Zoom in: Downtown saw the biggest property value increase at 23.1%, followed by Oak Grove in South Richmond at 19.7%.

By the numbers: The city's real estate tax rate is among the highest in the region at $1.20 per $100 of assessed value, and it was among the biggest increases post-pandemic.

  • The average assessed value of a Richmond home jumped 13.04% for 2023 and 13.35% for 2022.
  • Henrico, where the tax rate is 85 cents per $100, saw an average 13.6% in 2023 and 12.4% in 2022, per the Times-Dispatch.
  • Chesterfield's rate is ​​91 cents per $100 (a one cent decrease from last year's rate) and assessed values rose 8.82% in 2023 and 11.92% in 2022.

Meanwhile, Henrico is returning $11.2 million in surplus real estate taxes to residents and businesses this month, the Times-Dispatch reported.

  • Homeowners will get a check equal to two cents per $100, or around $73.40 based on the county's average assessed value of $367,000.

Be smart: Residents can appeal their new assessments and the city council recently created an FAQ on the process.

💭 Ned's thought bubble: I contested a big increase in my assessment last year and managed to convince the assessor's office that its initial number was high compared to my neighbors.

Zoom out: The city sends its annual assessment notices around Sept. 1 each year.

Go deeper: View the interactive map to see every neighborhood in Richmond.

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