Richmond City Council / News Release
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31 August 2023
2024 Richmond Proposed Real Estate Reassessment Values prepared: Property owners with anticipated change in assessment for next year to be sent notice during first part of September
(Richmond, Virginia U.S.A.) – The Richmond City Council Office of Assessor of Real Estate has
prepared its 2024
Richmond Proposed Real Estate Reassessment Values for next year. These proposed
values reflect anticipated changes in assessments for next year and are not
final.
Richmond Real Estate Values undergo final reviews for accuracy
and any revisions or updates are made by December 31. New Richmond Real Estate
Value Assessments are established January 1 each year.
As part of the
process, during the first part of September real estate owners whose proposed reassessed
value reflects a change (higher or lower) from the previous year are mailed a Richmond Real Estate Proposed Notice of
General Reassessment Letter from the Richmond Office of Assessor of Real
Estate to inform them about the anticipated change. Notices are sent to owner’s
last known address.
If an owner disagrees with a proposed reassessed real estate
value, they can appeal and ask for it to be re-evaluated by completing and
submitting a Richmond Real Estate Proposed Reassessment Value - Office
Review Application Form to the Richmond Office of Assessor of Real Estate, by
October 2. The Form is available from the Richmond Office of Assessor
of Real Estate, at: Richmond City Hall, 900 E. Broad Street, Room. 802,
Richmond, Virginia 23219 and/or: https://www.rva.gov/assessor-real-estate/forms.
All Richmond real estate
owners are invited and encouraged to review their property’s current assessed
value, at: https://apps.richmondgov.com/applications/propertysearch/
Real Estate
Assessments (Overview)
Virginia
residents have limited options to fund the local government services they need,
use, want, expect, count on, and benefit from every day. One of the most common
funding sources used that the Virginia Constitution requires is that local real
estate be taxed, using procedures provided by the Virginia Code of Laws.
To help ensure fairness, Virginia Law requires localities to
assess/reassess (evaluate and calculate) the fair market value of each real
estate parcel within its boundaries to establish its worth.
Each year, the Richmond Office of Assessor of Real Estate follows
state law and, using defined national standards, carefully assesses/reassesses
the fair market value of real estate in Richmond. Such real estate includes
land and permanent structures (like a home or building, or improvements). Ensuring
assessment/ reassessment reflects any increases or decreases in value from year
to year, which include shifting market conditions, corrections, new
construction, improvements, and demolitions.
Tax
Rate and Taxes
Each year, Richmond
City Council establishes a Richmond Real Estate Tax Rate, typically in the
fall, for the upcoming calendar year (January 1 to December 31). The current Richmond
Real Estate Tax Rate is $1.20 per $100 of assessed value, the lowest in more
than 40 years.
Richmond Real Estate Tax Bills are prepared and sent by the Richmond Department
of Finance, which can be contacted directly regarding bills and billing
questions, at 804.646.5700 (tel) or finance@rva.gov (email)
The Richmond Office of Assessor of
Real Estate does not establish
real estate tax rates or send tax bills.
CONTACT For
information regarding real estate assessments, please contact: Richmond Office of Assessor of Real Estate, at 804.646.7500
(tel); or asktheassessor@rva.gov
(email)
For
information regarding tax bills/billing
questions, please contact: Richmond
Department of Finance, at 804.646.5700 (tel)
or finance@rva.gov (email)
- E N D -
Richmond City Council - Richmond City Hall - 900 East Broad
Street, Suite 305 - Richmond, Virginia
23219 U.S.A. - rva.gov/richmond-city-council (web)
