Richmond city Property Taxes

The effective property tax rate in Richmond city, Virginia is 0.86%. This rate is calculated by dividing the median property tax payment by the median home value in the county.

The median annual property tax payment in Richmond city is $2,834. Homeowners with a mortgage pay a median of $2,798, while those without a mortgage pay $2,932.

Richmond city's effective tax rate of 0.86% is higher than the Virginia state average of 0.70%. The median annual property tax in Richmond city is $2,834, compared to the state average of $1,960.

The median home value in Richmond city, Virginia is $328,100, according to U.S. Census Bureau American Community Survey 2019-2023 5-Year Estimates.

Richmond city's effective property tax rate of 0.86% is higher than the Virginia average of 0.70%. This difference of 0.16% can be attributed to local funding needs for schools, infrastructure, and municipal services. Higher rates often correlate with more urbanized areas or counties with greater public service demands.

Richmond city ranks #111 out of 133 counties in Virginia by effective property tax rate (1 = lowest). With a rate of 0.86% and median annual tax of $2,834, it falls in the upper third of counties statewide.