New property assessments are out. See which neighborhoods increased in value the most.
Richmond residents are receiving their new real estate tax assessments this week, and home values have once again gone up nearly across the board.
These assessments are unique in that they will serve as the basis for property taxes both this year and next.
Next year the city will pause assessments, before resuming them in early 2027.
That will allow the assessment cycle to sync up with the city's budget cycle, giving lawmakers exact revenue data instead of estimates.
Graham Moomaw
Officially, the city must hold a hearing to discuss lowering property tax rates in light of the increased assessment value. In practice, the increase is largely accounted for in this year's budget, and the rate is unlikely to change.
Neighborhood-by-neighborhood breakdown
Four Richmond neighborhoods saw home values increase by double-digit percentages, according to an analysis of the data by The Richmonder.
The Richmonder only used residential properties for its analysis, and evaluated the year-over-year increase.
- Highland Park, in Richmond's North Side, saw assessments rise faster than any other spot in the city. The area has seen a surge in construction, but much of it is affordable housing.
- Fulton, behind Rocketts Landing in the East End, saw assessments increase by an average of 11.8%.
- Home values rose by 12.5% in the voting precinct encompassing Mary Munford Elementary.
- The Southside neighborhoods bordering Highway 1 and Commerce Road saw a double-digit spike as well, with values increasing an average of 10.6%.
In the graphic above, the numbers represent the percentage increase in assessed home values year-over-year, by voting precinct.
The citywide average is a 5.74% increase, according to documents presented to City Council members.
Property taxes for all types of property this year are expected to net the city $523.1 million dollars.
Owners are allowed to contest their assessments by filing an appeal with the City Assessor's Office by October 1.
Contact Michael Phillips at mphillips@richmonder.org.
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