Richmond City Council / News Release
2025 Richmond Proposed Real Estate Reassessment Values prepared
Notice to
be sent to Richmond property owners with anticipated change in value
assessments for next year, during first
part of September
(Richmond, Virginia U.S.A. 8.29.2024) – The Richmond City Council Office of Assessor of Real Estate has prepared its 2025 Richmond Proposed Real Estate Reassessment Values for next year. Proposed values reflect anticipated (draft) changes in assessments of real estate located within Richmond for the next year. The proposed changes are not final. Updates, per state law, are based on market value of real estate parcels to establish worth.
During the first part of September, Richmond 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 real estate 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 Proposed Real Estate Reassessment Value - Office Review Application Form to the Richmond Office of Assessor of Real Estate, by September 30, 2024. The Form will be 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 online, at https://www.rva.gov/assessor-real-estate/forms.
Richmond Real Estate Values undergo final reviews for accuracy and any revisions and/or updates will be made by December 31, 2024. New Richmond Real Estate Value Assessments are established January 1 of each year.
All Richmond real estate owners are invited and encouraged to review their property’s current assessed value, at: https://apps.richmondgov.com/applications/propertysearch/
Anticipated Richmond Proposed Real Estate Reassessment
Values changes/ updates only apply to the value of real estate parcels
located within the city
boundaries of Richmond, Virginia. Richmond Real Estate Values do not include real estate located in surrounding
towns, cities, or counties.
Richmond 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 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 market value of each real estate parcel within its boundaries to establish its worth.
· 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.
· Richmond Real Estate includes land and permanent structures
(like a home or building, or improvements).
Richmond City Council Office of Assessor of Real Estate
· The Richmond City Council Office of Assessor of Real
Estate oversees the
-
annual reassessment of
Richmond real estate,
-
real estate tax exemption
process, and
- management and maintenance of the Richmond Real Estate Database.
· Each year, the Richmond Office of Assessor of Real Estate
follows state law and, using defined national standards, carefully and
equitably assesses/ reassesses (evaluates and calculates) the market value of
real estate in Richmond.
Richmond Real Estate Tax Bills
· The Richmond Office of Assessor of Real Estate does not set Richmond Real Estate Tax Rates or send Richmond Real Estate Tax Bills.
·
The Richmond
Department of Finance oversee, manage, and sends Richmond Real Estate Tax Bills
and can be contacted directly regarding bills and billing questions, at
804.646.5700 (tel) and/or finance@rva.gov (email).
Richmond Real Estate Tax Rate
· 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, this rate maintains the lowest rate for more than 40 years.
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 300 - Richmond, Virginia 23219
U.S.A. - rva.gov/richmond-city-council (web)
