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Richmond home assessments jumped 13.7% since last year

Pending Home Sales
Posted at 7:27 AM, Aug 31, 2021
and last updated 2021-08-31 07:27:09-04

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.