It’s natural for the sale price of a home to loom large in your mind. But don’t forget to look at what your property tax bill might be.
What is the assessed value of the property?
Assessed value is generally less than market value. A recent copy of the seller’s tax bill will help you determine this information.
How often are properties reassessed in this area?
In general, this will happen annually, but properties in areas of slower growth may be reassessed less often.
When was the last reassessment done on this property?
Most significant tax increases on an individual property can be linked to when that property was last reassessed.
Will the sale of the property trigger a tax increase?
Depending upon where you live, the assessed value of a property may increase based on the amount you pay for it. And in some areas, such as California, taxes aren’t allowed to increase until the property in question is resold.
Is the tax bill comparable to other properties in the area?
If not, it might be possible to appeal the assessment and lower the rate.
Does the current tax bill reflect any special exemptions for which I might not qualify?
For example, many tax districts offer reductions to those individuals 65 and older.
About Richmond Property Tax
In the city of Richmond, properties are generally reassessed every 2 years. The property tax rate is $1.20 per $100 of value. In other words, if your home is worth $100,000, then your tax bill will be $1,200 per year in the city. However, tax rates vary in every jurisdiction. All of the counties surrounding Richmond have much lower tax rates. Please read about the tax city of Richmond tax abatement program here. Click here to visit the Assesor’s office homepage.