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County tax profile · 2026 · Census ACS + IRS data

Property Tax & Income in Richmond city, Virginia

Richmond city has an effective property tax rate of 0.89%. On the median home value of $353,000, that's roughly $3,150 per year. Median household income is $64,587.

Effective Property Tax Rate1
0.89%
median tax $3,150 ÷ median home $353,000
Median Home Value1
$353,000
owner-occupied
Median Household Income1
$64,587
per-capita $45,790
Est. Annual Tax on Median Home1
$3,150
at 0.89% effective rate

What you'll pay, at a glance

Property taxes are the largest local tax most homeowners pay. The effective rate measures the real tax bill as a share of home value — a more useful number than the nominal “mill rate,” because assessment practices vary county to county.

MetricRichmond cityVirginia (state context)
Effective property tax rate10.89%0.60%
Median home value1$353,000—
State income tax3top rate 5.75%top rate 5.75%
State sales tax35.77% combined5.77% combined

How this is calculated

The effective property tax rate is the median real-estate tax bill divided by the median home value — both for owner-occupied homes, from the U.S. Census Bureau's American Community Survey (ACS 5-year estimates)1. Median income is also from the ACS1. Federal and state income-tax figures use IRS2 and Tax Foundation3 data.

About Richmond city, VA

In Richmond, Virginia, the median home is valued at $353,000, and its owner can expect an annual real-estate tax bill near $3,150. That figure reflects an effective rate of 0.892%, which sits above Virginia's statewide median of 0.601% and also edges past the national median of 0.794%. Among the state's 133 counties, Richmond ranks 18th for property tax rate, placing it among the higher-taxed localities in Virginia. With median household income at $64,587, the yearly tax payment amounts to roughly five percent of what a household brings in, a recurring cost that shapes monthly budgeting alongside mortgage, insurance, and utilities. Per-capita income stands at $45,790. Homeowners in the city should plan for that bill as a fixed annual obligation rather than an afterthought.

Frequently asked questions

What is the property tax rate in Richmond city, VA?
The effective rate is 0.89% — meaning the median tax bill equals about 0.89% of the median home value.
How much are property taxes on a median home?
On the median home ($353,000), the estimated annual bill is about $3,150.
Is Richmond city's rate high or low?
Compare it to the state median of 0.60% and the national average near 1.1%.
How does the effective rate differ from my mill rate?
A mill rate is the nominal levy per $1,000 of assessed value. The effective rate reflects what you actually pay after exemptions and assessments — it's the median tax bill as a share of median home value, so it better predicts your real cost.
Will a reassessment raise my tax bill?
Not necessarily. If your home's assessed value rises, your bill can go up, but only if the mill rate and exemptions stay flat. Contact the Richmond city assessor's office to review your current assessment.
Can I appeal my property tax assessment?
Yes. Most counties allow an appeal when you believe the assessed value exceeds the market value. File with the Richmond city assessor within the local deadline, typically with comparable sales as evidence.
Sources
[1] U.S. Census Bureau — ACS 5-Year (2023) — Median home value (B25077), median real-estate taxes (B25103), median household income (B19013), per-capita income (B19301).
[2] IRS — Statistics of Income — County income, AGI, and real-estate taxes paid.
[3] Tax Foundation — State income, sales, corporate, and estate/inheritance tax rates.