--- title: "Richmond VA Property Tax Rates Compared: Henrico vs Chesterfield vs Hanover vs the City (2026)" url: https://www.danielyoonrealty.com/blog/richmond-va-property-tax-rates-by-county/ date: 2026-07-29 modified: 2026-07-29 author: "Daniel Yoon" description: "by Daniel Yoon | eXp Realty | Richmond, Virginia Property taxes in the Richmond, Virginia metro area vary by as much as 48% depending on which county or city you..." categories: - "Blog" - "Buyer Resources" - "Guides" word_count: 944 --- # Richmond VA Property Tax Rates Compared: Henrico vs Chesterfield vs Hanover vs the City (2026) *by Daniel Yoon | eXp Realty | Richmond, Virginia* Property taxes in the Richmond, Virginia metro area vary by as much as 48% depending on which county or city you buy in. On a $400,000 home, that difference adds up to $1,560 per year, or $15,600 over 10 years. Most buyers focus on the home price and mortgage rate. They forget that property taxes are a permanent cost that never goes away. This guide breaks down exactly what you will pay in each part of the Richmond area. ## 2026 Property Tax Rates: Side by Side Here are the current real estate tax rates per $100 of assessed value for the Richmond metro area: - **Hanover County:** $0.81 per $100 (lowest in the metro) - **Henrico County:** $0.83 per $100 - **Chesterfield County:** $0.91 per $100 - **City of Richmond:** $1.20 per $100 (highest in the metro) ## What That Actually Costs You: Real Dollar Examples On a $400,000 home: - **Hanover:** $3,240 per year ($270/month) - **Henrico:** $3,320 per year ($277/month) - **Chesterfield:** $3,640 per year ($303/month) - **City of Richmond:** $4,800 per year ($400/month) The difference between Hanover and the City of Richmond is $130 per month. That is a car payment. Over a 30-year mortgage, you pay $46,800 more in property taxes living in the city versus Hanover for the same home value. On a $550,000 home: - **Hanover:** $4,455 per year - **Henrico:** $4,565 per year - **Chesterfield:** $5,005 per year - **City of Richmond:** $6,600 per year ## The Hidden Tax Advantage: Henrico County Vehicle Tax Henrico County does not charge personal property tax on the first $20,000 of your vehicle assessed value. If you drive a car assessed at $30,000, you only pay tax on $10,000. In Chesterfield, the City of Richmond, and Hanover, you pay on the full assessed value. For a family with two cars worth $35,000 each, the annual savings in Henrico versus Chesterfield or the City of Richmond is roughly $1,000 to $1,400 per year. When comparing total tax burden, factor in both real estate taxes and vehicle taxes. Henrico often comes out ahead overall despite having a slightly higher real estate rate than Hanover. ## How Assessed Value Works in Virginia Virginia counties reassess property values periodically (typically every 1 to 4 years depending on the jurisdiction). Your assessed value may differ from your purchase price, especially in rapidly appreciating areas. Henrico County reassesses annually, meaning your tax bill adjusts with market conditions every year. Chesterfield reassesses every two years. Hanover and the City of Richmond reassess annually. When home values rise, your assessed value goes up, and your tax bill increases even if the rate stays the same. Conversely, counties sometimes lower rates when values increase to keep revenue roughly stable. Ask your agent about recent reassessment history in the specific neighborhood you are considering. ## Which County Gives the Best Tax Value? **Best overall tax burden:** Henrico County. The slightly higher real estate rate compared to Hanover is more than offset by the vehicle tax savings, especially for families with two or more cars. **Lowest real estate tax rate:** Hanover County at $0.81 per $100. If you have older or less valuable vehicles, Hanover wins outright. **Best value considering home prices:** Chesterfield. Even though the tax rate is higher than Henrico or Hanover, home prices are lower. You end up paying similar total dollars because the assessed value of your home is lower. **Highest total tax cost:** City of Richmond. The $1.20 rate is 48% higher than Hanover. Combined with full vehicle tax, the city has the highest total tax burden in the metro. ## Tax Impact on Your Monthly Mortgage Payment Property taxes are included in your monthly mortgage payment through escrow. Here is how the tax rate affects your total monthly housing cost on a $400,000 home with a 30-year mortgage at 6.5%: - **Hanover:** $2,528 + $270 taxes + $200 insurance = $2,998/month - **Henrico:** $2,528 + $277 taxes + $200 insurance = $3,005/month - **Chesterfield:** $2,528 + $303 taxes + $200 insurance = $3,031/month - **City of Richmond:** $2,528 + $400 taxes + $200 insurance = $3,128/month The difference between Hanover and the City of Richmond is $130 per month in taxes alone. That adds up. ## Frequently Asked Questions ### Which county in the Richmond VA area has the lowest property taxes? Hanover County has the lowest real estate tax rate at $0.81 per $100 of assessed value. However, when factoring in vehicle personal property taxes, Henrico County often has the lowest total tax burden for families with two or more cars due to its $20,000 vehicle tax exemption. ### How much are property taxes in Henrico County VA? Henrico County charges $0.83 per $100 of assessed value for real estate. On a $400,000 home, annual property taxes are approximately $3,320. Henrico also exempts the first $20,000 of vehicle value from personal property tax, saving families with two cars roughly $1,000 per year. ### Are property taxes higher in Richmond city or the suburbs? The City of Richmond has the highest property tax rate in the metro at $1.20 per $100, which is 48% higher than Hanover County ($0.81) and 45% higher than Henrico County ($0.83). The suburban counties consistently offer lower tax rates. ### Do property taxes affect home values in Richmond? Yes. Lower tax rates in Henrico, Hanover, and Chesterfield contribute to higher demand and stronger home values in those areas. Buyers factor in total monthly cost including taxes, which makes lower-tax areas more competitive. **Want to understand your total housing cost before you buy?** Call Daniel Yoon at (804) 896-2694. I calculate property taxes, insurance, HOA fees, and total monthly payments for every home I show so you know exactly what you are getting into before you make an offer.