Real 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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Liz Moore & Associates is a boutique real estate agency renowned for having the region's top agents, with extensive market knowledge and local expertise that is only achieved through relentless training coupled with Liz's extremely high standards for professionalism. When you're buying or selling a home, experience matters.
