Henrico, Richmond County, Virginia Property Taxes
Median Henrico, VA effective property tax rate: 0.70%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Henrico, VA home value: $23,800
Median annual Henrico, VA tax bill: $167, $2,233 lower than the national median property tax bill of $2,400.
How are property taxes in Richmond calculated?
Property taxes in Henrico, VA 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 Henrico’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Henrico, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Henrico, Richmond County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.7%
Estimate Property Tax Bill
$167
$155
Property Tax Rates Across Henrico, Richmond County, Virginia
Local government entities set tax rates, which can vary widely within a state. 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 Henrico’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Henrico, located in Richmond County, Virginia, boasts an effective property tax rate that is notably lower than the national median. With Virginia’s median property tax rate at 0.70%, homeowners in Henrico enjoy a more favorable tax environment compared to many other regions across the country. This lower rate can be attributed to efficient budget management and the county’s ability to maintain essential services without imposing a heavy tax burden on property owners. For homeowners, this means potential savings on annual property taxes, making Henrico an attractive option for those looking to invest in real estate while minimizing their tax liabilities.
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 Henrico Tax Rate
0.70%
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 County Tax Rate
0.70%
Median Effective Virginia Tax Rate
0.89%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Henrico, Richmond County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23231 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Henrico, Richmond County, Virginia
When examining property taxes in Henrico, 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 Richmond 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.
In Richmond 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 Henrico. For example, the median home price in Henrico is $23,800, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Henrico, Richmond County, Virginia
Source: Ownwell
$108,981
$122,415
$135,849
Median Henrico Market Value
$23,800
Median Richmond County Market Value
$134,435
Median Virginia Market Value
$298,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Henrico, Richmond County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23231 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Henrico, Richmond County, Virginia
In Henrico, VA, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The median home price in Henrico is $23,800, which is significantly lower than the national median. This results in a tax bill that is considerably below the national median property tax bill of $2,400. The tax bill for the 25th, 75th, and 90th percentiles in Henrico is $167, indicating a consistent tax rate across different property values. This lower tax burden can be beneficial for homeowners, but it also means that any discrepancies in the assessed value or tax rate can disproportionately affect their finances.
Ownwell can assist homeowners in Henrico by identifying potential errors in property assessments and ensuring they are not overpaying. By leveraging expertise in property tax appeals and exemptions, Ownwell helps homeowners secure fair assessments and potentially lower their tax bills, providing significant savings and peace of mind.
Median Henrico Tax Bill
$167
Median Richmond County Tax Bill
$931
Median Virginia Tax Bill
$2,608
Median United States Tax Bill
$2,400
Property Tax Bills Across Henrico, Richmond County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23231 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell