The Liz Moore Market Watch Blog

Real Estate Assessments Grow Across the Richmond Area

Posted by Lynnette Tully on Fri, Feb 08, 2019 @ 11:37 AM

rawpixel-790897-unsplashReal Estate Assessments are up in the majority of counties across the Richmond area and the news has homeowners buzzing.  

Hanover County will see its largest year-over-year increase in the past decade by 6.1%.  According to the assessor’s office, the reassessment of 37,000 properties and new construction will increase the value of the county’s total taxable property by $856.6 million.  

The median assessment of a Hanover County home will be $277,700, an increase of 7.7% over the current year.

In Henrico County residential real estate assessments were roughly 4.8% higher than last year’s, with the average assessment at $255,000.

Henrico’s tax rate is 87 cents per $100 of assessed value, meaning that the average real estate tax bill for Henrico homeowners will increase by about $92.

The average assessment in Chesterfield County increased by about 3.7%, with the average single-family home assessed at $250,000.  Here, the county’s real estate tax rate is 96 cents per $100 of assessed value.

What does this mean for homeowners?  The market is strong and there's not a lot of inventory.  If you have been thinking about selling, now could be the time!  Email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you.

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Tags: Buyers, Sellers, lizlocal, lizlocal-Richmond, relo-richmond-news