Richmond VA property tax is charged at $1.20 per $100 of assessed value, with the annual bill split into two installments due January 14 and June 14.1Richmond. Real Estate A home assessed at $300,000 owes $3,600 for the year, or $1,800 per installment. The tax funds general city operations, and relief programs exist for older adults, residents with disabilities, and disabled veterans that can reduce the bill substantially or eliminate it entirely.
How Your Assessment Is Set
Virginia law requires every locality to assess real property at 100 percent of fair market value.2Virginia Code Commission. Code of Virginia Title 58.1 Chapter 32 Article 1 Richmond’s City Assessor revalues every parcel annually, so your assessed value can move each January. Assessors weigh physical characteristics — square footage, construction quality, lot size, condition — against recent sales of similar homes nearby.
The date that matters is January 1. Whatever your property looks like that day sets the value on the tax rolls for the year. A house still under construction on January 1 is assessed on the land plus the completed portion only. A house finished and ready for occupancy by that date is assessed at full value. Renovations finished after January 1 don’t show up on the bill until the following year.
What You Owe
The math is simple. Divide your assessed value by 100, then multiply by 1.20. A $250,000 assessment produces a $3,000 annual bill. A $400,000 assessment produces $4,800.1Richmond. Real Estate Each installment is exactly half the yearly total.
If you buy or sell mid-year, taxes get prorated at closing so each party pays only for the portion of the year they owned the home. The seller usually credits the buyer for the seller’s share. Your closing attorney or title company handles the calculation, but check the settlement statement to confirm the daily rate was figured correctly.
Deadlines, Penalties, and Interest
The first installment is due January 14, the second June 14, and the city mails a bill at least 45 days before each due date.3City of Richmond. ORD. 2024-082 Not receiving a bill doesn’t excuse a late payment, so put both dates on the calendar.1Richmond. Real Estate
Miss a deadline and two charges hit at once. A flat 10 percent penalty is added to the unpaid installment, and interest starts running at 10 percent per year from the day after the due date.3City of Richmond. ORD. 2024-082 On an $1,800 installment, that’s an immediate $180 penalty plus about $180 in interest if left unpaid for a year.
If the balance stays unpaid, the Department of Finance can place a tax lien on the property, send the debt to a collection attorney or agency, file a civil lawsuit, or ultimately seize the property.4Richmond. Delinquent Collections A tax lien takes priority over almost every other claim on the property, including a mortgage.
Relief for Older Adults and Residents With Disabilities
Richmond’s Older Adults and Persons with Disabilities program gives qualifying residents a choice between a partial tax exemption and a tax freeze. You can use one or the other, not both.5Richmond. Older Adults and Persons with Disabilities (OAPD) Real Estate Tax Relief Program Virginia law authorizes these programs for homeowners who are at least 65 or who are permanently and totally disabled.6Virginia Code Commission. Code of Virginia 58.1-3210
The Exemption
The exemption cuts your tax bill by a percentage tied to household income. Household income must be at or below $70,000, and total financial worth (not counting the home) must be at or below $450,000. The sliding scale:5Richmond. Older Adults and Persons with Disabilities (OAPD) Real Estate Tax Relief Program
- $0 to $30,000 income: 100 percent exemption
- $30,001 to $40,000: 75 percent exemption
- $40,001 to $50,000: 50 percent exemption
- $50,001 to $70,000: 25 percent exemption
At the lowest tier you pay nothing. A homeowner earning $35,000 with a $3,600 annual bill would owe $900 under the 75 percent exemption.
The Freeze
The freeze locks your assessment at the prior year’s value, so rising property values can’t push the bill up. The income and net worth limits are higher: household income up to $125,000 and financial worth up to $750,000.5Richmond. Older Adults and Persons with Disabilities (OAPD) Real Estate Tax Relief Program The freeze won’t cut your current bill, but it keeps the bill from growing. For homeowners whose income is too high for the exemption but who worry about being priced out as values climb, the freeze is often the right choice.
Disabled Veteran Exemption
Veterans rated by the U.S. Department of Veterans Affairs as having a 100 percent service-connected, permanent, and total disability pay no real estate tax on their principal residence and up to one acre of land.7Virginia Code Commission. Code of Virginia Title 58.1 Chapter 32 Article 2.3 – Exemption for Disabled Veterans There is no income or net worth test. If Richmond extends the OAPD exemption to more than one acre, the same acreage applies here. The exemption also covers outbuildings used for personal purposes, such as a detached garage, as long as the structure isn’t used for business.
Surviving spouses qualify for the same full exemption if the veteran’s death occurred on or after January 1, 2011, and the spouse has not remarried. A surviving spouse can move to a different home and keep the benefit.7Virginia Code Commission. Code of Virginia Title 58.1 Chapter 32 Article 2.3 – Exemption for Disabled Veterans Applicants need documentation from the VA confirming the disability rating, or for surviving spouses, documentation showing the veteran’s date of death.
Appealing an Assessment
If your assessed value looks too high, Richmond offers three levels of appeal, each with its own deadline.
Office Review
File a written appeal with the City Assessor’s Office by October 1 of the current tax year.8City of Richmond. Real Estate Assessment Appeal Process The application is on the Assessor’s forms page. You’ll need your Parcel ID and a clear statement of what you believe the property is actually worth. A staff appraiser reviews the submission and responds in writing.
Strong appeals rest on evidence. Photographs of deferred maintenance, foundation problems, or outdated systems help. Recent sales of comparable homes that closed for less than your assessed value carry real weight. A professional appraisal done within the current year is the strongest exhibit. Vague claims that the taxes feel too high go nowhere.
Board of Equalization
If the office review doesn’t adjust your value, apply to the Board of Equalization by December 1. Hearings begin in January of the following year.8City of Richmond. Real Estate Assessment Appeal Process The Board is an independent body that reviews your evidence and the assessor’s reasoning, and this is where you present your case in person.
Circuit Court
As a final option, you can appeal to the Circuit Court of the City of Richmond within three years of the assessment year. Prior years can only be challenged if you gave written notice of disagreement to the Assessor, the Director of Finance, or City Council during that tax year.8City of Richmond. Real Estate Assessment Appeal Process Court appeals involve more formality and expense, so most disputes end at the first two steps.
How to Pay and Where to File
Pay through the RVA Pay online portal, drop a check in the secure box at City Hall, or mail payment to the Department of Finance.1Richmond. Real Estate For appeals, send the completed Office Review Application to the City Assessor’s Office at 900 East Broad Street, Room 802, Richmond, VA 23219, or email it to assessmentappeals@rva.gov.8City of Richmond. Real Estate Assessment Appeal Process Keep proof of delivery, whether that’s an email receipt or certified mail tracking.