Richmond, Henrico County, Virginia Property Taxes

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Property Taxes in Richmond, Virginia

Median Richmond, Virginia effective property tax rate: 0.89%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Richmond, Virginia home value: $237,400
Median annual Richmond, Virginia tax bill: $2,182, $218 lower than the national median property tax bill of $2,400.

How are property taxes in Henrico calculated?

Property taxes in Richmond, Virginia are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Richmond's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Richmond, knowing local tax details benefits homeowners and investors.

Last Updated April 13, 2026

Richmond, Henrico County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.89%

Estimate Property Tax Bill

$2,113

$1,961

How Does the Richmond Property Tax Calculator Work?

Use this Richmond property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Richmond's median effective tax rate of 0.89% — based on actual property records in Henrico County — to generate your estimate.

Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Richmond's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.

Your bill may vary by ZIP code within Richmond: rates range from $1,559 in 23222 to $3,048 in 23226, primarily due to differences in school district levies and local assessment districts.

For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Richmond.

About Richmond Property Taxes

About Property Taxes in Richmond, Henrico, Virginia

Richmond's median effective property tax rate of 0.89% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Henrico County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.

Property tax rates are not uniform across Richmond. Homeowners in the 23222 ZIP code carry a median effective rate of 0.90%, while those in 23230 pay 0.88%. This spread — 0.02 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Henrico County. Understanding which part of Richmond you live in can make a meaningful difference to your annual tax bill.

Richmond homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before March 31, 2026.

If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.

Property Tax Rates Across Richmond, Henrico County, Virginia

As noted earlier, local government entities set tax rates, which can vary widely within a state.

Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.

While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Richmond's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.

Property Tax Rates Across Richmond, Henrico County, Virginia

Source: Ownwell

0.88%

0.90%

0.91%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Richmond Tax Rate

0.89%

Median Effective Henrico County Tax Rate

0.89%

Median Effective Virginia Tax Rate

0.90%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Richmond, Henrico County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
23222	0.88%	0.88%	0.90%	0.94%	0.99%
23223	0.85%	0.86%	0.89%	0.92%	0.96%
23226	0.87%	0.88%	0.89%	0.90%	0.91%
23227	0.85%	0.88%	0.90%	0.92%	0.97%
23230	0.85%	0.87%	0.88%	0.90%	0.93%
23225	N/A	N/A	N/A	N/A	N/A
23233	N/A	N/A	N/A	N/A	N/A
23234	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Richmond, Henrico County, Virginia

When examining property taxes in Richmond, Virginia, understanding the distinction between market value and assessed value is crucial.

The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Henrico County appraisal district estimates the market value for tax purposes.

The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices:

In Henrico County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of May.

Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Richmond.

For example, the median home price in Richmond is $237,400, with tax bills ranging significantly across the county. 23226 has the highest median home price at $342,100.

Property Tax Assessment Values Across Richmond, Henrico County, Virginia

Source: Ownwell

$169,250

$356,375

$543,500

Median Richmond Market Value

$237,400

Median Henrico County Market Value

$307,600

Median Virginia Market Value

$323,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Richmond, Henrico County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
23222	$120,100	$142,475	$169,250	$199,300	$237,800
23223	$135,440	$175,800	$225,400	$272,300	$338,700
23226	$211,980	$254,050	$342,100	$428,150	$553,180
23227	$182,900	$223,000	$266,100	$324,200	$398,700
23230	$174,250	$211,975	$241,650	$313,825	$438,500
23225	N/A	N/A	N/A	N/A	N/A
23233	N/A	N/A	N/A	N/A	N/A
23234	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Richmond, Henrico County, Virginia

Property tax bills in Richmond are based on the assessed value of a home and the local tax rate set by the county. When a property’s market value changes, the assessed value can change too, which affects the final bill homeowners receive.

For a home with a median market value of $237,400, the tax bill can vary widely depending on location and assessment details. In Richmond, the 25th percentile tax bill is $1,720, while the 75th percentile is $2,792. At the higher end, the 90th percentile reaches $3,551.

What a homeowner pays depends on how the property is assessed, the tax rate applied, and whether any exemptions or appeals reduce the taxable amount. ZIP code differences also matter, with the highest median tax bill at $3,048 in 23226 and the lowest at $1,559 in 23222.

These differences show how property taxes can affect homeowners unevenly, even within the same city.

Property Tax Bills Across Richmond, Henrico County, Virginia

Source: Ownwell

$1,559

$3,260

$4,961

Median Richmond Tax Bill

$2,182

Median Henrico County Tax Bill

$2,810

Median Virginia Tax Bill

$2,852

Median United States Tax Bill

$2,400

Property Tax Bills Across Richmond, Henrico County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
23222	$1,102	$1,298	$1,559	$1,842	$2,199
23223	$1,253	$1,607	$2,044	$2,478	$2,982
23226	$1,891	$2,298	$3,048	$3,838	$4,984
23227	$1,673	$2,056	$2,438	$2,946	$3,513
23230	$1,632	$1,928	$2,213	$2,938	$3,867
23225	N/A	N/A	N/A	N/A	N/A
23233	N/A	N/A	N/A	N/A	N/A
23234	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Don't miss the deadline to appeal!

Dates
Appeal Deadline	March 31

Links
Henrico Tax Assessor
Website	realestate.henrico.gov

Frequently Asked Property Tax Questions in Richmond, Virginia

How are property taxes calculated in Richmond, Virginia?

Property taxes in Richmond, Virginia are calculated by multiplying your property's assessed value by the applicable tax rate set by local taxing authorities. The assessed value is determined by the county assessor and may differ from your property's market value depending on local assessment ratios and exemptions.

How do I appeal my property taxes in Richmond, Virginia?

To appeal your property taxes in Richmond, Virginia, you typically need to file a formal protest or appeal with your local appraisal district or assessor's office by the stated deadline. You'll need evidence such as comparable sales, a recent independent appraisal, or documentation of property condition issues. Ownwell can handle this entire process for you.

What property tax exemptions are available in Richmond, Virginia?

Common property tax exemptions in Richmond, Virginia include homestead exemptions for primary residences, senior citizen exemptions, veteran exemptions, and disability exemptions. Exemption amounts and eligibility requirements vary by county. Contact your local appraisal district or check Ownwell for details specific to your property.

When are property taxes due in Richmond, Virginia?

Property tax deadlines in Richmond, Virginia vary by county but typically include an assessment notice period in spring or early summer, followed by an appeal deadline, and a tax payment due date in the fall or winter. Check with your county assessor's office for specific dates in your area.

How can Ownwell help reduce my property taxes in Richmond, Virginia?

Ownwell provides professional property tax appeal services in Richmond, Virginia. Our team analyzes your assessment, gathers evidence, files all paperwork, and represents you at hearings — all with no upfront cost. You only pay a percentage of your savings if we successfully lower your tax bill.