Property Tax Analysis for Richmond city, VA
Property tax rates, assessment ratios, and appeal potential in Richmond city.
Effective Tax Rate
0.9%
Annual Tax Bill
$2,713
Monthly Escrow
$226
Tax Burden
4.6% of income
Tax Assessment Details
Current Assessment
Market Value$308,300
Est. Assessed Value$262,055
Assessment Ratio~85%
Effective Rate0.9%
Appeal Potential
Potential Annual Savings$407
5-Year Savings$2,035
vs National Averagebelow (1.1%)
Appeal Success Rate~40-60%
About Property Taxes in Richmond city
Richmond city in Virginia has an effective property tax rate of 0.9%, which is below the national average of 1.1%. On a median home value of $308,300, that translates to $2,713 annually or $226 per month in escrow.
Property tax assessments can often be successfully appealed. Our calculator models assessment ratios, comparable sales analysis, and appeal timing to estimate your potential savings with Monte Carlo simulation.
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