Assess Yourself a Tax Break (Since City Hall Won't).
RVA 5x5 - September 7, 2025
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If you own property in the city, you likely received your new assessment in the mail this week, and in almost every neighborhood, property values have once again gone up, with some areas seeing double digit increases. Many areas saw increases above the citywide average increase citywide of 5.74%.
That means the city’s budget will grow this year once again as it has over the last decade+, with property owners as the Sherpas carrying most of the weight. The city’s total general fund budget in FY2018 when Mayor Stoney took office was $542 million, with $238 million of that revenue (about 44%) coming from real estate tax payments. This year, the Fiscal Year 2026 general fund budget (which took effect July 1) was $1.056 billion with $607 million coming from real estate taxes (about 57% of the general fund budget).
In that time, few at City Hall have seen fit to try and help relieve the burden of property owners as the city becomes more and more costly and expensive on so many levels. Renters are paying more, too, because of the higher assessments (among other reasons). Councilwoman Trammell’s repeated efforts to lower the rate by even a couple of cents has earned a few votes but not enough to successfully reduce the rate or burden. It is driving people out of the city to the counties (or elsewhere) where tax rates are being reduced without a corresponding reduction in services (or an amplification of excuses).
In 2017, the median home price in the city was about $247,000 and the median annual tax bill was $2,964 ($247 per month). In 2024, the median price was about $370,000 according to Virginia REALTORS with a tax bill of about $4,440 (about $370 per month) while the real estate brokerage firm Redfin showed a 2024 median price around $423,000, with a tax bill of about $5,076 (about $423 per month). Any way you slice it, the city is spending more than ever before and taxes are correspondingly rising.
The pain is spread all around. Back in 2022, the worst increases were seen in Northside, the East End and districts south of the river. Michael Phillips at The Richmonder reported on their analysis of 2025 (using only residential properties and percentage increase year-over-year):
Highland Park, in Richmond's North Side, saw assessments rise faster than any other spot in the city. The area has seen a surge in construction, but much of it is affordable housing.
Fulton, behind Rocketts Landing in the East End, saw assessments increase by an average of 11.8%.
Home values rose by 12.5% in the voting precinct encompassing Mary Munford Elementary.
The Southside neighborhoods bordering Highway 1 and Commerce Road saw a double-digit spike as well, with values increasing an average of 10.6%.
Stoney fought feverishly against any decrease in the real estate tax rate over his two terms saying only the rich would profit from any relief. However, many of the double digit increases in recent years were in neighborhoods where the average household income income is lower than the city average (in some cases, much lower), according to the U.S. Census and American Community Survey (ACS) data.
Stoney did usher through two tax rebates over four years that sent one-time checks back to property owners for a couple of hundred dollars on average. Even that cost the city money as the incompetent Finance Department leadership spent untold tens of thousands of dollars repeatedly screwing up the rebate check process at the start of this year that was worthy of a script on Parks & Rec.
The good news is that this year’s assessments will remain the same next year as the city transitions to align the assessment cycle with the city's budget cycle. Currently the budget is debated and adopted in May, but the assessment land book is updated in the fall, which can affect the city budget mid-year if there is a deficit or surplus. Aligning the two will allow Council and the Mayor to work with more exact budget forecasts when adopting the budget. The bad news is that, barring a recession or real estate collapse on the scale of 2008, it is likely the new assessments in 2027 will cause major sticker shock citywide not to mention danger of cardiac arrest. Look at your assessment the city sent you last week and then assume that in two years it will rise 20% along with your tax bill (maybe it won’t, but just assume that — and do more cardio).
Since you have two years before the real estate tax freeze thaws out in 2027, there is a way to give yourself a tax cut and lock in and buy two years to get a lower assessment by filing an appeal. There are two methods allowed by law to file an appeal with the City Assessor. One appeal process is based on recent sales in your neighborhood or street. With a relatively crazy market in recent years, the sales price may not be the best method to appeal (but is easy to use the internet to find recent sales on real estate sites, etc.). The second method is to find other properties in your area that are similar in square footage to yours and compare what values have gone up a lot, a little, or not much at all. It requires a little work, but an hour or two of research could save you big bucks and reduce your an assessment increase and your tax bill.
First, visit the Appeals Page on the City Assessor’s site and go to their Forms Page. You can download an application here. Then click here for the city's GIS Parcel Mapper here. Type in your address and it will zoom down on your neighborhood so you can find your property. You will see a box containing instructions to click to a site and enter a property PIN number (just cut and paste) which allows you to pull up details like grid reference, square footage, previous assessments, lot size, voting precinct, etc.
Click on your address first and this will provide you with the info needed to fill out Page 1 of the appeal form. In Section B under “Reason for Review Request,” mark the box that says, “Assessment is inequitable with similarly assessed property.”
On Page 2, Section E-1 of the form lets you make the argument (and provide the details) that your assessment was inequitable with similar properties close to yours (they don’t have to be on the exact same street). The form allows for three properties as examples that are similar in location, architectural style and physical features to your property but you can provide more if you find them.
Find houses near you that are close in lot size and square footage and provide the info. It doesn't have to be exactly the same size, but close enough, say within a few hundred square feet. If their assessment is lower than yours then note it and include it in your appeal on the form. Finding similar sized homes with notable or large differences in assessments are best. If it isn't much different, don’t use it as a comparison. Pretty simple.
If there are three or four or six or eight properties nearby that are similar and have lower assessments than yours or saw a smaller increase, then you have a case to make. The trick here is to search a range of addresses. For example, if you live in the 3000 block of Main St., enter the range to search for properties between 2900 and 3100 Main St. But don't look at just your block or street. Think of it like a tic-tac-toe board: you are the center square. Look at the street behind you and in front of you in a three block swath - your block and the two to each side. List each address, map reference number, and comparable size, square footage, and assessed value. The form says list up three properties, but the city’s older form allowed for including an extra sheet if there were more comparable examples, so if there are more than three, add them to the email or send an old school paper form.
EXAMPLE: Assume your house is assessed at $250,000. Repeat with each example the comparable houses with lower assessed values. For example, "The property at 3200 Main St. (reference #, etc) is assessed at $220,000 and it is 200 square feet larger and has a slightly larger lot as well. To it, the house at 2940 Main St. (reference #) is valued at $225,000 and listed as only 100 square feet smaller than my residence on a similar size lot."
The old appeal form asked the applicant to provide a “Supported Opinion of Value,” where you list the value at which you think your property should be fairly assessed. That part is no longer on the form, so if you are lucky to get a response from the Assessor’s Office, be thinking about that value. If the city raised yours $50,000, you may request it only be raised only $10,000 if you can support it.
You may find after some research you can’t make the case and don’t need to file an appeal. However, you may just find you do have a case and can save a bundle if you can provide the examples and make the argument. It’s possible you could lower it $20,000 or $40,000 or even more. For every $10,000 reduction in your assessment, you save $120. Since City Hall hasn’t seen fit to help out with lowering the tax burden in recent years, think of this as the ultimate example of municipal DIY. Good luck!
(Remember, appeals are due by Wednesday, October 1).
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