RICHMOND, Va. -- The Richmond Assessors Office says home prices in the 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.
The Richmond Times-Dispatch reports that 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 new assessments reflect more than $3.6 billion in new taxable real estate value citywide.
The 12.9% increase surpasses the highest year-over-year gain of the last decade. Councilwoman Reva Trammell was already getting calls from residents upset by rising assessments.
She advised elderly residents to apply for tax relief programs.
