Which Richmond-area locality has the lowest property taxes? Among the 4 core localities, Hanover’s 2026 real estate rate is lowest at $0.81 per $100, then Henrico at $0.83, Chesterfield at $0.89, and the City of Richmond at $1.20. Goochland is lower still at $0.53. On a $400,000 home, that’s $3,240 in Hanover versus $4,800 in the city.
by Daniel Yoon | eXp Realty | Richmond, Virginia
Most buyers focus on price and mortgage rate and treat property taxes as a footnote. Around Richmond, the locality you choose can change your yearly bill by more than $1,500 on the same home. Here are the 2026 rates, real dollar examples, car taxes, how assessments work in each place, and what to check before you close.
2026 real estate tax rates, side by side
| Locality | Rate per $100 | $300,000 home | $400,000 home | $500,000 home | $700,000 home |
|---|---|---|---|---|---|
| Hanover (source) | $0.81 | $2,430 | $3,240 | $4,050 | $5,670 |
| Henrico (source) | $0.83 | $2,490 | $3,320 | $4,150 | $5,810 |
| Chesterfield (source) | $0.89 | $2,670 | $3,560 | $4,450 | $6,230 |
| City of Richmond (source) | $1.20 | $3,600 | $4,800 | $6,000 | $8,400 |
| Goochland (source) | $0.53 | $1,590 | $2,120 | $2,650 | $3,710 |
The city’s rate is about 48% higher than Hanover’s. On a $400,000 home, that’s $1,560 a year, or $15,600 over 10 years before any assessment changes. Goochland properties inside the Tuckahoe Creek Service District pay an extra $0.32 per $100.
How the bill is calculated
Tax bill = assessed value ÷ 100 × rate. For a $500,000 assessment in Henrico: $500,000 ÷ 100 = $5,000, and $5,000 × $0.83 = $4,150 a year. Your assessed value isn’t always your purchase price, so check the parcel’s current assessment, not just the list price.
If you are closing on a new build mid-year, the tax figure on the closing disclosure may still be land-only. See New Construction Property Tax in Richmond, VA for how supplemental partial-year assessments work.
Car taxes: the other half of the comparison
| Locality | Vehicle personal property rate per $100 |
|---|---|
| City of Richmond (source) | $3.70 |
| Hanover (source) | $3.57 |
| Henrico (source) | $3.35 |
| Chesterfield (source) | $3.25 |
Chesterfield cut its rate from $3.35 to $3.25 for FY27 and calls it the lowest in the region. Virginia’s Personal Property Tax Relief Act gives partial relief on personal-use vehicles, and the amount varies by locality and year. The City of Richmond’s vehicle tax is due June 5 (City of Richmond).
How assessments work in each locality
- City of Richmond: real estate tax is billed in 2 halves, due January 14 and June 14 (City of Richmond).
- Henrico: assessments can go up, down, or stay the same each year based on recent sales. Appeals are due April 1, and the assessment division is at 804-501-4300, option 4 (Henrico County).
- Chesterfield: reassesses every year and mails notices by February 1 with values as of January 1. Appeals are due March 15 (Chesterfield County).
- Hanover and Goochland: check each county’s assessment office for notice dates and appeal deadlines on the specific parcel.
If your assessment is above what similar homes sell for, an appeal may be worth it. My property tax appeal guide walks through the steps.
Which locality gives the best tax value?
Hanover and Henrico have the lowest real estate rates of the core 4, and Chesterfield has the lowest car tax. The city costs the most in taxes, but buyers often accept that for walkability and shorter commutes. Taxes are one line in a bigger decision that includes schools, commute, and the home itself. My family neighborhoods guide weighs those together.
Tax impact on your monthly payment
Most lenders collect property taxes monthly in escrow. On a $400,000 home, real estate tax adds about $270 a month in Hanover, $277 in Henrico, $297 in Chesterfield, and $400 in the city. See Virginia closing costs explained for how taxes are prorated at closing.
What to check before you close
- The current tax bill and assessment on the specific parcel
- The date of the most recent assessment
- Any additions or finished space completed since the last assessment
- Whether the home is in a special tax district, like Goochland’s Tuckahoe Creek Service District
- Car registration and personal property tax filing in your new locality
- Any tax relief you may qualify for, such as programs for seniors or disabled veterans
FAQ
Among the core 4 localities, Hanover has the lowest 2026 real estate rate at $0.81 per $100. Goochland is lower at $0.53. The City of Richmond is highest at $1.20.
Henrico’s real estate rate is $0.83 per $100 of assessed value, so a $400,000 home pays about $3,320 a year. Henrico’s vehicle rate is $3.35 per $100.
Chesterfield’s 2026 real estate rate is $0.89 per $100 of assessed value. Its vehicle rate dropped to $3.25 per $100 for FY27, which the county calls the lowest in the region.
The city. Its $1.20 rate is about 48% higher than Hanover’s $0.81 and 45% higher than Henrico’s $0.83, and its $3.70 vehicle rate is also the highest of the 4.
Richmond bills real estate tax in 2 halves, due January 14 and June 14. The city’s vehicle personal property tax is due June 5.
Yes. Henrico’s appeal deadline is April 1 and Chesterfield’s is March 15. Bring recent sales of similar homes that support a lower value.
They affect what buyers can afford each month, since taxes are part of the payment. That’s one reason buyers compare total monthly cost, not just price, across localities.
Want a tax comparison for 2 homes?
Send me the addresses and I’ll compare real estate and car taxes side by side, using each parcel’s current assessment. Book a time at cal.com/danielyoon or call 804-896-2694.
Rates are from each locality’s website as viewed November 2, 2026. Confirm the bill for your parcel before you rely on it.