Mapped: Where Richmond home values rose the most for 2026
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City real estate assessments are beginning to go out and Richmond homeowners will once again see another year of property value increases.
Why it matters: Most homeowners will have bigger tax bills headed their way, while renters could see those costs passed along through rent increases.
The big picture: The average assessed value of a Richmond home rose 5.8% for next year's tax bill, down from last year's 6.8% increase and the previous year's 7.7% increase, according to this year's proposed real estate assessments.
- That's far below the roughly 13% increase Richmonders saw each year between 2020 and 2022.
By the numbers: Nine neighborhoods got hit with double-digit increases.
- Chestnut Heights and nearby Barton Heights on the Northside saw some of the steepest jumps at 19.6% and 13.5%, respectively. Thomas Jefferson (in the Near West End) climbed 15.2%.
- Homes in the West End (1.87%), Worthington Farms West (1.9%) and Ginter Park (2.37%) saw some of the smallest increases.
Zoom in: Homeowners who want to contest their assessment have until Oct. 1 to file a written appeal with the assessor's office.
- Tax relief is available for seniors and people with disabilities and more of them should be eligible to "freeze" their assessment under loosened requirements that went in effect this year.
Between the lines: While this year's annual average percentage increase was relatively small, multiple years of living in a red-hot real estate market has taken a toll on property tax bills.
- Using examples from a random sample of Richmond homes (and our own), a three-bedroom rancher in Forest Hill that was assessed at $174,000 in 2019 is estimated to be worth $387,000 next year, a 122.4% increase.
- A duplex in the Fan that was assessed for $447,000 in 2019 is worth 55% more ($695,000) for 2026. A Northside traditional two-story home's value will have gone up by 76% since 2019 ($475,000 to $838,000). A row house in Church Hill, up 49%.
What's ahead: Richmonders will get a big break from annual real estate assessment after this round, The Richmonder reports.
- The city won't send property assessments again until May 2027 so it can sync up its budget and assessment cycles.
Yes, but: Those assessments could pack a punch when they deliver two years' worth of increases in one go. But that's a 2027 problem.