RICHMOND, Va. (AP) — Home prices in the Richmond area have soared during the pandemic and new assessments found that the average value of a home has gone up 13.7% over the last year, according to the Richmond Assessors Office.
The average value of a home grew from $277,000 to $315,000 — an increase that means the average homeowner will owe $456 more in real estate taxes next year, The Richmond Times-Dispatch reported.
“Richmond is on fire,” said Richie McKeithen, the city assessor. “It’s being eaten up by folks coming to town.”
The new assessments sent to property owners last week reflect more than $3.6 billion in new taxable real estate value citywide, according to assessor’s office data. The 12.9% increase from last year surpasses the highest year-over-year gain of the last decade, when values rose 7.3% between 2018 and 2019.
Councilwoman Reva Trammell was already getting calls from residents upset by rising assessments. She advised elderly residents to apply for the city’s tax relief programs and said the city’s tax rate of $1.20 per $100 of assessed value is too high.
Councilman Michael Jones said he plans to propose a new tax abatement program that’s more accessible to city residents, particularly low-income families in South Richmond.