Mapped: Where home values went up the most in Richmond
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City of Richmond homeowners saw the smallest average increase in home values in more than six years.
Why it matters: Those assessed values translate into real tax bills Richmonders pay each year.
State of play: The average increase in assessed value of a Richmond home is 6.8% for next year's tax bill, down slightly from last year's 7.7% increase, according to this year's proposed real estate assessments.
- And it's far below the 12.9% or higher average increase Richmonders saw each year between 2020 and 2022.
Zoom in: 6.8% is the average increase across the city's 82 neighborhoods, but 10 neighborhoods still got hit with double-digit increases.
- At 14.9% and 13.79% respectively, Downtown and Scott's Addition saw the highest percentage increases.
- Homes in Shockoe (0.22%), Carytown (0.53%) and Hull Street (0.91%) saw the smallest increases, all coming in below 1%.
Fun fact: The residential neighborhoods that have the highest average home value are:
- The Fan ($1.8 million);
- The Museum District ($1.06 million);
- Windsor Farms ($832,000);
- Westover Hills ($723,000).
Be smart: Homeowners who want to contest their assessment can file a written appeal with the assessor's office until Sept. 30.
- Tax relief is available, but per current state law, it's limited to senior citizens who make $70,000 a year or less and people with disabilities.
Of note: Richmond's real estate tax rate is $1.20 per $100 of assessed value, among the highest in the region.
- Hanover's is $0.81 per $100.
- Henrico's is $0.85 per $100.
- Chesterfield's is $0.90 per $100.