What are property taxes in Richmond, VA?

The City of Richmond’s real estate tax rate is $1.20 per $100 of assessed value. On a $402,000 home, the city’s median sale price over the past 12 months, that’s $4,824 a year, paid in two halves due January 14 and June 14. Cars and light trucks are taxed separately at $3.70 per $100, due June 5.

Brave Search’s AI answer, captured Nov. 4, 2026 (Google’s AI Overview blocked our automated capture today), puts it this way: “The real estate property tax rate in the City of Richmond is $1.20 per $100 of assessed fair market value, resulting in an effective rate of approximately 1.20%.” It adds that “Richmond’s rate is significantly higher than surrounding counties, such as Henrico County ($0.83–$0.85 per $100) and Hanover County ($0.81 per $100).”

The rate is right. One detail in that answer is wrong, though: it says city bills go out “typically in June and December.” The city’s Department of Finance lists January 14 and June 14 as the due dates. That’s different from Henrico and Chesterfield, and it catches new city owners off guard every winter.

I’m Daniel Keeton, Broker and Founder of Keeton & Co. Our agents help people buy and sell in the Fan, Museum District, Church Hill, Northside and the rest of the city every week. Here’s what the bill really looks like and what to plan for.

How much is the property tax on a Richmond home?

The city’s own formula is assessed value ÷ 100 × $1.20. Here’s what that looks like at prices people actually pay.

Assessed value	Annual real estate tax	Each half (Jan. 14 / June 14)	Per month, if escrowed
$300,000	$3,600	$1,800	$300
$402,000 (city median sale price)	$4,824	$2,412	$402
$550,000	$6,600	$3,300	$550
$750,000	$9,000	$4,500	$750

Median sale price: $402,000 across 2,658 closed sales in the City of Richmond, Nov. 1, 2025 to Oct. 31, 2026 (Keeton & Co analysis of CVR MLS data).

A quick rule of thumb: in the city, your yearly real estate tax is about 1.2% of the assessment, so every $100,000 of value is $1,200 a year, or $100 a month.

Buyers should run the math on the price they’re paying, not the seller’s old assessment. The Assessor values every parcel at 100% of fair market value each January 1, so a sale price well above the old assessment usually shows up on the next bill.

When are City of Richmond property taxes due?

What’s due	Date	Notes
Assessment date	January 1	Value set by the Office of the Assessor
First-half real estate tax	January 14	Next due Jan. 14, 2027
Second-half real estate tax	June 14
Vehicle personal property tax	June 5	Prorated by month of ownership
Late penalty	After due date	10% penalty plus 10% annual interest

Source: City of Richmond Department of Finance, Real Estate and Vehicle Personal Property Taxes, checked Nov. 4, 2026.

The city says plainly that it’s the owner’s job to get the bill and pay on time. If you closed this fall and don’t have a mortgage escrow, put January 14 on your calendar now. Questions go to RVA 311 at 804-646-7000.

How does the Richmond car tax work?

Passenger vehicles, boats and light trucks are taxed at $3.70 per $100 of assessed value, based on the NADA clean trade-in value as of January 1. State relief (PPTRA) knocks down the tax on the first $20,000 of a personal-use vehicle, but Richmond’s relief share has fallen as vehicle values rose. Here’s the city’s own example at the 2024 rate of 22%:

Personal vehicle value	Tax before relief	Relief	You pay
$10,000	$370.00	$81.40	$288.60
$20,000	$740.00	$162.80	$577.20
$50,000	$1,850.00	$162.80	$1,687.20

City Council sets the relief percentage each year, so check your current bill. If your car has high mileage or body damage, the city will reassess it. You have to file the form, and it’s worth the 10 minutes.

How does the city compare with nearby counties?

Locality	Real estate rate (per $100)	Median sale price, past 12 months	Tax at that median
City of Richmond	$1.20	$402,000	$4,824
Chesterfield County	$0.89	$425,000	$3,783
Henrico County	$0.83	$405,000	$3,362

Medians: Keeton & Co analysis of CVR MLS data, Nov. 1, 2025 to Oct. 31, 2026. County rates from our Chesterfield and Henrico tax guides.

On a similar-priced house, a city owner pays about $1,400 to $1,500 a year more than a Henrico owner. That’s real money, but it isn’t the whole picture. City buyers often trade that tax for walkability, shorter commutes and neighborhoods you can’t recreate in the suburbs. Our guide on whether Richmond is a good place to live covers that trade.

Can you lower your Richmond property tax bill?

• Appeal the assessment. You can appeal through the Office of the Assessor. Recent sales of truly similar homes nearby are the strongest evidence. A photo of a failing roof or foundation helps too.
• Tax relief for older adults and people with disabilities. The Department of Finance runs a relief program (OAPD) with income and net-worth limits.
• Disabled veterans exemption. Handled by the Assessor’s office.
• Use the city escrow program. If you don’t escrow through a lender, the city lets you make voluntary payments ahead of time, and they earn interest.

Before you buy, look up the parcel’s current assessment on the city’s Parcel Mapper. Then multiply your contract price by 1.2% for a realistic next-year number.

What do buyers and sellers miss about city taxes?

Situation	What to know
Buying in December or January	A bill may be due within weeks of closing. Your settlement statement should prorate it, so read that line.
Buying a renovated or flipped house	The assessment may still reflect the old condition. Budget on the sale price.
Selling	Taxes are prorated at closing, so you’ll get credit for any half you’ve prepaid past the closing date.
Moving from Henrico or Chesterfield	Due dates are different, and the rate is higher. Rebuild your monthly budget.

If you’re weighing a city home against the counties, a good agent will run the full monthly payment, taxes and all, on every house you’re seriously considering. That’s standard practice for our buyers. Start with our buyer services, or if you’re selling, see what your home could bring on our sell page or the Richmond home value guide.

Why work with Keeton & Co in Richmond?

Keeton & Co closed 706 homes in the 12 months ending October 2026 and more than 4,200 all-time. RealTrends ranked us for 2025 with 718 sides and $295.32 million in volume, and our clients have left over 1,600 five-star Google reviews. We’re based in Glen Allen and work across the city and the surrounding counties.

Thinking about buying or selling in the city? Contact us or call 804-373-2223.

Tax figures from the City of Richmond Department of Finance, checked Nov. 4, 2026. Market data: Keeton & Co analysis of CVR MLS data, Nov. 1, 2025 to Oct. 31, 2026. AI answer quoted from Brave Search, captured Nov. 4, 2026. This isn’t tax advice; confirm your bill with the city. Written by Daniel Keeton, Broker & Founder. Updated Nov. 4, 2026.