Property taxes are a significant part of homeownership cost, and they look different across the Richmond region in 2026. Richmond city, Henrico County, Chesterfield County, Hanover County, and Goochland County each set their own rates, run their own assessment cycles, and enforce their own due dates. The result is meaningful tax-bill differences for similarly priced homes across county lines.
This guide walks through the 2026 numbers, the assessment cycles, and what to model before a cross-county move.
The 2026 rates
Real estate tax rate per $100 of assessed value (2026):
- City of Richmond: $1.20 [verify: VPM News reported the rate held at $1.20 with assessments frozen through FY 2027]
- Henrico County: $0.85 (proposed two-cent reduction in FY 25-26 budget [verify final adopted rate])
- Chesterfield County: $0.89 [verify Chesterfield 2026]
- Hanover County: $0.79
- Goochland County: $0.50
- Powhatan County: $0.92
Annual property tax bill on a $500,000 assessed home:
- Richmond: $6,000
- Henrico: $4,250
- Chesterfield: $4,450
- Hanover: $3,950
- Goochland: $2,500
- Powhatan: $4,600
That delta is real money. A Goochland homeowner pays $3,500 less per year than a Richmond city homeowner with the same assessed value. Over ten years, that is $35,000 of after-tax cash.
How assessments work in each locality
City of Richmond
Richmond reassesses annually with values reset every January 1. For 2026, Richmond City Council voted to keep the real estate tax rate at $1.20 per $100 and froze new tax assessments through fiscal year 2027 (which begins July 1, 2026), in part to align budgeting and assessment timelines.
Practically, this means most Richmond homeowners’ tax bills hold steady for the year, even with rising market values, until the next assessment cycle.
Henrico County
Henrico reassesses annually, with values reset every January 1. The county has historically reduced rates as assessments rise to soften the impact, with a recent proposal to cut the rate by two cents. Tax bills are issued twice annually, with due dates in June and December.
Chesterfield County
Chesterfield also reassesses annually, with notices typically mailed by February 1. The 2026 rate is $0.89 per $100 of assessed value. Bills are issued twice annually.
Hanover and Goochland
Both counties reassess on cycles defined by their own boards. Hanover and Goochland tend to update less frequently than Richmond, Henrico, and Chesterfield. The lower rate in Goochland reflects different funding priorities and a different tax base composition.
How the bill is calculated
The basic formula:
Tax bill = (Assessed value / 100) × tax rate
For a $500,000 assessed home in Henrico at $0.85 per $100:
$500,000 / 100 = $5,000 $5,000 × $0.85 = $4,250
Important: assessed value is not always the same as market value. Assessments tend to lag market value, especially in localities that reassess less frequently. Buyers in 2026 should expect assessed values on recently purchased homes to update toward purchase price within one or two assessment cycles, sometimes sooner.
Personal property tax (cars)
Virginia counties also collect a personal property tax on vehicles. Rates vary widely:
- Richmond: $3.70 per $100 of assessed value
- Henrico: $3.50 per $100
- Chesterfield: $3.60 per $100
- Hanover, Goochland, Powhatan: variable, generally similar
Personal property tax is separate from real estate tax but worth modeling for cross-county comparisons because the bills add up.
What this means for a cross-county move
A buyer modeling a move between Richmond city, Henrico, and Chesterfield should:
- Pull the actual 2026 rate for each locality (the numbers above are starting points, but verify with each county before any decision)
- Apply each rate to the assessed value of the actual property
- Add personal property tax estimates
- Add HOA dues (irrelevant to the county rate but relevant to the total carrying cost)
- Compare against rate of school district, commute, and amenity preferences
For a $700,000 home, the annual tax bill differential between Richmond and Goochland is roughly $4,900. Over a ten-year hold, that is $49,000 of after-tax cash, compounding if invested. For some buyers, that fully justifies a move. For others, the convenience of city living is worth the premium.
Tax-related items to verify before closing
For any buyer in 2026:
- Current annual real estate tax bill on the specific parcel
- Date of the most recent assessment
- Whether any improvements (additions, finished basement) have been completed since the last assessment
- Personal property tax registration deadlines and amounts
- Whether the home is in a special tax district (e.g., business improvement district, transportation district)
For sellers, the current real estate tax assessment is one of the comp data points buyers will research.
Tax-related items to plan for as a homeowner
After purchase:
- File for a homestead or other tax relief if eligible (varies by locality)
- Set up tax escrow with the lender or pay directly (most loans require escrow)
- Update vehicle registration to the new locality within the required window
- Consider whether to appeal the assessment if it materially overshoots market value
Frequently asked questions
What is the property tax rate in Richmond, VA in 2026? $1.20 per $100 of assessed value [verify].
What is the property tax rate in Henrico County? $0.85 per $100 in the proposed FY 25-26 budget [verify final adopted rate].
What is the property tax rate in Chesterfield County? $0.89 per $100 [verify].
Why is Richmond’s tax rate higher than Henrico or Chesterfield? The city has different service obligations, infrastructure responsibilities, and revenue requirements than the surrounding counties. Higher rates fund city services that counties either provide differently or do not provide.
How is my property tax bill calculated? Assessed value divided by 100, then multiplied by the locality’s rate. Example: $500,000 assessed home in Henrico at $0.85 per $100 = $4,250 annually.
Can I appeal my property tax assessment? Yes, in each Richmond-region locality. Each has its own appeal process and deadlines, typically thirty to sixty days after notices are mailed.
Do property taxes affect mortgage payments? Yes, when escrowed (most loans). The lender collects monthly and pays the taxing authority on schedule.
Want a tax-bill comparison for two Richmond-region homes?
We routinely model cross-county comparisons for buyers weighing Richmond, Henrico, Chesterfield, Hanover, and Goochland. If a side-by-side spreadsheet of total carrying costs would help, reach out to Daniel for a free consultation.