by Jon Baliles

If you own property in the City of Richmond, 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 cityโs 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 cityโs 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 Trammellโs 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.
(more…)












