What is the effective date of the assessment?
January 1st of each year
What is the tax rate?
The 2011 Real Estate tax rate is $1.20 per $100 of assessed value.
For example, real estate valued at $225,000 is calculated as follows: $225,000/100 = $2,250 x $1.20 = $2,700.00.
Previous Rates
| Year | Tax Rate |
|---|
| 2011 | $1.20 |
| 2010 | $1.20 |
| 2009 | $1.20 |
| 2008 | $1.20 |
| 2007 | $1.23 |
| 2006 | $1.29 |
| 2005 | $1.33 |
| 2004 | $1.37955 |
| 2003 | $1.37955 |
| 2002 | $1.38975 |
| 2001 | $1.41 |
| 2000 | $1.43 |
| 1999 | $1.43 |
| 1998 | $1.43 |
| 1997 | $1.43 |
| 1996 | $1.445 |
| 1995 | $1.445 |
| 1994 | $1.445 |
| 1993 | $1.450 |
| 1992 | $1.45 |
| 1991 | $1.46 |
| 1990 | $1.46 |
| 1989 | $1.53 |
| 1988 | $1.53 |
| 1987 | $1.53 |
| 1986 | $1.47 |
| 1985 | $1.47 |
| 1984 | $1.50 |
| 1983 | $1.533 |
| 1982 | $1.533 |
| 1981 | $1.58 |
| 1980 | $2.12 |
When are the taxes due?
Beginning Calendar Year 2011, our Richmond Real Estate Taxes will be divided into two collections a year instead of all at once. Market
valuation data will lag one year. Please find the new payment schedule below:
Current Calendar Year Payment Schedule
| Year | Month Due | Amount Due |
|---|
| 2010 | June 15, 2010 | 100% |
NewCalendar Year Payment Schedule
| Year | Month Due | Amount Due |
|---|
| 2011 | January 14, 2011 | 50% |
| 2011 | June 14, 2011 | 50% |
| 2012 | January 14, 2012 | 50% |
| 2012 | June 14, 2012 | 50% |
Who determines the rate?
The tax rate is determined by the City Council of Richmond in April each year.
Who values my property?
Professional appraisers employed by the City Assessor's Office.
Who sends me my bill?
Bills are prepared and mailed from the Collections Division of the Department of Finance.
Who collects the tax?
The Department of Finance Collections Division, or the Bureau of Tax Enforcement.
How is my property value determined?
One or more of the standard methods for determining property value: Comparative Sales, Cost less Depreciation, or Capitalization of Income.
Can I appeal my assessment?
Yes. There are three options to appeal.
How is a building under construction valued?
Buildings under renovation or remodeling are valued based on the
percentage of completion as of January 1st of the tax year. If not fully completed, the January 1st valuation is termed a
partial assessment.
Does renovation or remodeling increase the value of my property?
Generally speaking, only repairs that enhance the value of a property or repairs that recapture lost value will increase
the value of property.
How does demolition affect the assessment of my property?
The assessed value of all buildings that are being demolished is deducted from the total assessment and
becomes effective on January 1st following the date on which the demolition was completed.
What is a sales ratio?
The sales ratio is the percentage of any property's assessed value to its recorded sales price.
Example: $90,000 (assessment)/ $100,000 (sale price) = 90% ratio.
What if the value of my building changes? Will I be notified?
Yes, the city will mail a new notice of assessment in January of each year.
Why do assessments go up?
General inflation, new construction, or correction of prior description.
How often is real property assessed?
By law the property is reviewed every year.
Is information available about sales in my neighborhood?
Yes. Please visit the
Sales Search Information website.
What about Tax Relief for the Elderly and Disabled?
Tax relief is available to qualifying individuals. Please contact the
Department of Finance, Collections Division.
What about assessment abatements for rehabilitated structures?
Assessment abatements are available on certain qualifying structures.
How can I change or delete a name from my property?
Change of ownership on a deed is handled in Circuit Court.
Change of ownership on city records requires official documentation of marriage or death.
How can I correct or change the address for a property?
The property addresses in the City of Richmond are maintained by
Planning and Development Review / Permits and Inspections Division
in the Central Address Database. Many parcels have more than one address used for utilities and emergency services.
The Assessor's Office only maintains one property address per parcel, the primary address.
If you have a question about your property address or if your property address is incorrect, please contact our office.
How can I correct or change the mailing address for my assessment bill?
Submit a Change of Address form.
