Richmond City Council
/ News Release
Richmond
City Council establishes 2026 Richmond Real Estate Tax Rate: $1.20 per $100 in
assessed value
(Richmond, Virginia U.S.A. 10.14.2025) – Richmond City Council tonight during its Formal Meeting established, via Council Ordinance number 2025-207, the annual Richmond Real Estate Tax Rate at $1.20 per $100 in assessed value for the tax year beginning January 1, 2026. This rate maintains the current tax rate of $1.20.
“Richmond City Council voted to keep the Richmond Real Estate Tax Rate at $1.20, rather than increase or decrease it, reflecting its commitment to fiscal responsibility in meeting the needs, priorities, and values of Richmond residents,” says Council President Cynthia I. Newbille. “Richmond City Council is committed to building a strong community by ensuring the availability of stable funding for safeguarding critical education, public safety, health, sanitation, roads, social services, and infrastructure residents need to thrive.”
Richmond
Real Estate Tax Rate
With the current Fiscal Year 2026 Richmond Government Budget being based on the $1.20 tax rate, Council must consider the impact changing it has on the fiscal commitments and plans of the City, the impact the rate has on property owners, and the services the City provides to residents.
According to the 2025 Richmond Real Estate Land Book produced by the Richmond Office of Assessor of Real Estate, Richmond has about 76,163 real estate parcels* valued at $52.9 billion - of that, about $11.4 billion (22%) is tax exempt.
At a Real Estate Tax Rate of $1.20 (per $100 in assessed value), exempted real estate reduces city revenue by about $137 million a year. Additionally, $12.7 million a year is abated to rehab older buildings.
Exempt and abated real estate reduce city funds about $150 million a year, as follows:
· $137 million exempt: religious
facilities/churches, nonprofits, museums, state/
fed./local govt., colleges/schools, cemeteries, etc.
· $12.7 million abated: to rehabilitate older
buildings (largest program in Va.)
(not reflected in tax exempt totals)
Ten Richmond City Council Ordinances and Resolutions were introduced during the Richmond City Council Formal Meeting.
Introduced
legislation
Introduced legislation refers to proposed Ordinances or Resolutions being officially submitted for Richmond City Council consideration. This is the first step in the legislative process, where a Councilmember, or Mayor, proposes legislation for Council action. Once introduced, legislation is typically referred to a Council Standing Committee for review. Legislation proceeds from there to a Council Formal or Special Meeting for Council action.
Access/Learn
more
To access and learn about Richmond City Council Formal, Informal, and Standing Committee meetings, recordings, and documents, please visit https://richmondva.legistar.com/
-End-
Richmond City Council - Richmond City Hall - 900 East Broad
Street, Suite 300 - Richmond, Virginia 23219 U.S.A. - rva.gov/richmond-city-council (web)
