Richmond property tax is billed at $1.20 per $100 of assessed value, split into two installments due January 14 and June 14 each year.1Richmond. Real Estate Taxes The City Assessor sets the value of every parcel as of January 1 at 100 percent of fair market value, as Virginia law requires.2Virginia Code Commission. Virginia Code Title 58.1 – 3201 What Real Estate to Be Taxed Amount of Assessment Relief programs exist for qualifying older adults, disabled residents, and 100-percent-disabled veterans, and any owner who thinks their assessment is too high can appeal.
How Your Bill Is Calculated
Take your total assessed value, divide by 100, and multiply by 1.20. A home assessed at $300,000 owes $3,600 for the year.
The rate has sat at $1.20 since 2008.3The Richmonder. Siding with Avula, Council Rejects Push to Lower Real Estate Tax Bills So when a Richmond bill goes up, the cause is almost always a higher assessment, not a rate change. The City Assessor looks at comparable sales in your neighborhood, the condition and size of your home, any additions or renovations, and overall market trends. Fair market value means what a willing buyer would pay a willing seller in an open market, with neither side under pressure. Your assessment notice shows the land value and the improvement value separately; together they make the total that drives your tax.
If you bought recently at a price far from the old assessment, or finished a major renovation, expect the next January 1 valuation to reflect it.
When and How to Pay
Richmond splits the annual tax into two installments:
- First half: due January 14
- Second half: due June 14
Both dates are firm.1Richmond. Real Estate Taxes You can pay online through the city’s RVAPay portal, mail a check or money order to the address on your bill, or pay in person at City Hall. Online credit card payments carry a convenience fee, which matters on a large bill.
If your mortgage lender keeps an escrow account, it collects a share of the estimated tax with each monthly payment and remits to the city on your behalf. Federal rules require your servicer to send an annual escrow statement showing how the account performed and how your monthly payment will adjust.4Consumer Financial Protection Bureau. 1024.17 Escrow Accounts Confirm each year that the city actually received payment on time. You are the one on the hook if the lender misses a deadline.
What Late Payment Costs
Miss either due date and Richmond adds a 10 percent penalty to the unpaid balance immediately.1Richmond. Real Estate Taxes Virginia’s default late penalty is 5 percent, but state law lets localities set a higher figure by ordinance, and Richmond has.5Virginia Code Commission. Virginia Code Title 58.1 – 3915 Penalty for Failure to Pay Taxes by December 5 Interest then accrues at 10 percent per year on the unpaid amount until it clears.
On a $3,600 annual bill, missing a $1,800 installment adds $180 right away, with interest ticking from the due date forward. If you know a payment will be short, call the Department of Finance before the deadline rather than letting the charges stack.
Long-term delinquency carries much larger consequences. The city records a lien on the property for unpaid taxes, which blocks a sale or refinance until it clears. Under Virginia law, real estate that stays delinquent more than two years past the due date can be sold through a judicial proceeding to recover the debt, and for certain lower-value or blighted properties that timeline can be as short as one year.6Virginia Code Commission. Virginia Code Title 58.1 – 3965 When Land May Be Sold for Delinquent Taxes If you are approaching that point, Virginia law allows the treasurer to enter an installment agreement of up to 72 months, but only if you ask before the judicial proceeding begins.
Relief for Older Adults and Disabled Residents
Richmond’s OAPD (Older Adults and Persons with Disabilities) Real Estate Tax Relief program reduces or eliminates the bill based on household income and worth. You must be at least 65 or permanently and totally disabled, and the property must be your principal residence.7Virginia Code Commission. Virginia Code Title 58.1 – 3210 Exemption or Deferral of Taxes The income tiers are:8Richmond. OAPD Relief
- 100 percent exemption: household income of $30,000 or less
- 75 percent exemption: $30,001 to $40,000
- 50 percent exemption: $40,001 to $50,000
- 25 percent exemption: $50,001 to $70,000
- Tax freeze (no exemption, but your bill will not increase): household income up to $125,000
Financial worth caps apply too. For the exemption tiers, the combined worth of the owner, spouse, and any co-owner cannot exceed $450,000. For the tax freeze, the cap is $750,000. In both cases, the value of your home and up to one acre of land underneath it is excluded from that calculation.8Richmond. OAPD Relief
What to Gather for the Application
The application asks for income documentation (W-2s, 1099s, Social Security benefit statements, and other prior-year tax documents), financial worth documentation (full December and January bank statements plus end-of-year statements for stocks, bonds, and mutual funds), and, if you are under 65, proof of disability from the Social Security Administration, the Department of Veterans Affairs, the Railroad Retirement Board, or signed affidavits from two Virginia-licensed physicians.
Submit to the City Hall Real Estate Unit at 900 E. Broad Street, Room 103, in person or by mail.8Richmond. OAPD Relief The hard deadline is December 31, but the city asks for applications by September 30 so relief appears on the following year’s bill.
Disabled Veterans Exemption
Veterans with a 100 percent service-connected, permanent, and total disability rating from the U.S. Department of Veterans Affairs qualify for a full exemption on their principal residence and up to one acre of surrounding land.9Virginia Code Commission. Virginia Code Title 58.1 – 3219.5 Exemption from Taxes on Property for Disabled Veterans The exemption starts on the date of the VA rating if you already own the home, or on the acquisition date if you buy afterward. A surviving spouse keeps the exemption as long as they do not remarry, and can move to a different principal residence without losing it.
To apply, complete the Disabled Veteran Real Estate Tax Exemption Application through the City Assessor’s office and include your VA benefits summary letter showing the 100 percent permanent and total rating.10Richmond. Application for Exemption from Real Estate Taxation
Appealing Your Assessment
Start informally. Contact the City Assessor’s office and raise the valuation directly. Many disagreements end here, especially when you can point to comparable sales that support a lower number or identify a factual error in the property record (wrong square footage, a phantom bathroom, a finished basement that is not actually finished).
If the informal review does not resolve it, file a formal appeal to the Board of Equalization. Applications are due by December 1 of the current calendar year, and hearings begin in January of the following year.11Richmond. Real Estate Assessment Appeal Process Bring recent comparable sales, photographs of condition issues, and anything else that documents the gap between the assessment and what the property would actually sell for. The board can lower, raise, or confirm the value, so be confident in your evidence before filing.
If the board’s ruling still leaves you unsatisfied, Virginia law allows a further appeal to the circuit court. At that stage, weigh the cost of a real estate attorney or an independent residential appraisal (typically several hundred dollars) against the tax savings a reduction would actually produce.
Federal Deduction for Richmond Property Taxes
If you itemize on your federal return, Richmond real estate taxes count toward the state and local tax (SALT) deduction.12Internal Revenue Service. New and Enhanced Deductions for Individuals For tax year 2026, the SALT cap is $40,400 for single filers and married couples filing jointly, or $20,200 for married filing separately. That cap covers the combined total of state income tax, local property tax, and any general sales tax you claim.
Higher earners see the cap phase out. Once modified adjusted gross income passes $505,000, the cap drops by 30 cents for every dollar above that threshold, with a floor of $10,000. Most Richmond homeowners will have room under the cap for a full property tax payment plus Virginia income tax, but if your combined state and local taxes run past $40,400, the deduction stops there. Keep records of the actual amounts paid during the tax year to support what you claim.