Real Estate Taxes
Due date: June 15 (tax bills are mailed out in early May)
Tax rate:
2008 Tax Year: $1.20 per $100 of assessed value
2007 Tax Year: $1.23 per $100 of assessed value
2006 Tax Year: $1.29 per $100 of assessed value
2005 Tax Year: $1.33 per $100 of assessed value
2004 Tax Year: $1.37955 per $100 of assessed value
2003 Tax Year: $1.37955 per $100 of assessed value
2002 Tax Year: $1.38975 per $100 of assessed value
Description:
The City of Richmond is authorized by State law to levy taxes on real property. Real property consists of land, buildings and attachments to the land and/or buildings. The Virginia Constitution requires that all assessments shall be at 100 percent of fair market value and shall be uniformly levied and collected. There is no upper limit on the tax rate that may be imposed. The tax rate is set by City Council.
How does it work:
The City Assessor determines the fair market value of the over 70,000 parcels of real estate every year. The City Assessor assesses real estate annually. Based on the assessment, the applicable tax amount is calculated and billed to the taxpayer.
EXAMPLE:
Assessed Value of Property = $100,000
Assessed Value divided by 100 = 1,000 ($100,000/$100)
Result multiplied by the tax rate = $1,200 (1,000 X $1.20)
equals real estate taxes. (Calculation based on 2008 tax rate)
Appeals: Taxpayers/property owners can appeal assessments to the City Assessor, to the Board of Review of Real Estate Assessment for the City of Richmond (a quasi-judicial board whose members are appointed by the Richmond Circuit Court), and/or to the Richmond Circuit Court.
Tax Payer Responsibility:
It is the responsibility of every property owner to pay his or her shares of taxes that support City services. Failure to pay any tax obligation may result in collections action by the City of Richmond.
If you have a Real Estate Assessment Appeal filed with the Office of the Assessor of Real Estate, you will receive notification of the results of your appeal, a bill with a revised due date and a letter from the Department of Finance. If you have filed an appeal with the Board of Equalization or the circuit court you are still responsible for full payment of your tax obligation by the due date. Any change in value will result in adjustments to your tax obligation and when warranted a refund of any overpayment.
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