Richmond property owners to receive 2026 proposed reassessment notices this month

Richmond’s Office of the Assessor of Real Estate has prepared proposed 2026 real estate reassessment values, with notices being mailed to affected property owners in early September.

The proposed reassessments reflect anticipated changes—either higher or lower—in property values compared to the previous year. Notices are sent to each property owner’s last known address. These proposed values are not final but are part of the legally required process of updating property assessments to reflect fair market value.

If a property owner disagrees with the proposed reassessment, they can file an appeal by completing a Richmond Proposed Real Estate Reassessment Value – Office Review Application Form. Appeals must be submitted by September 30, 2025. Forms are available at Richmond City Hall, 900 E. Broad Street, Room 802, and online at the city’s assessor forms page here.

Final reviews of proposed assessments will be completed by December 31, 2025. New real estate values will take effect on January 1, 2026. Property owners can review their current assessed value at this database here.

The City of Richmond is required under Virginia law to conduct regular reassessments to ensure fairness and accuracy in property taxation. Assessments take into account changes in market conditions, corrections, new construction, improvements, and demolitions.

While the Assessor’s Office determines property values, it does not set tax rates or issue tax bills. Richmond City Council will establish the 2026 real estate tax rate later this fall. The current rate, adopted in November 2024, is $1.20 per $100 of assessed value, which has been the lowest rate in more than 40 years. The Department of Finance manages billing and payments and can be reached at 804-646-5700 or finance@rva.gov.

For questions about assessments, contact the Richmond Office of the Assessor of Real Estate at 804-646-7500 or asktheassessor@rva.gov.