Rate Breakdown

Property taxes in Henrico County are calculated by multiplying the assessed value (minus exemptions) by the total local millage rate.

Understanding property taxes in Henrico County is crucial for homeowners. This guide provides a comprehensive overview of how your property tax is calculated, available exemptions, payment schedules, and what to do if you believe your assessment is incorrect.

How Property Tax Works in Henrico County

In Henrico County, real estate property taxes are a primary source of funding for local services like schools, public safety, and infrastructure. Your property tax bill is determined by two main factors:

• Assessed Value: The Henrico County Real Estate Assessor's Office annually assesses all real property at 100% of its fair market value. This value is based on recent sales data of comparable properties, property characteristics (size, condition, amenities), and current market trends. Assessment notices are typically mailed in January.
• Millage Rate: The Board of Supervisors sets the real estate tax rate, often called a "millage rate," annually. This rate is expressed as dollars per $100 of assessed value.

To calculate your annual real estate tax, the formula is: (Assessed Value / 100) × Millage Rate = Annual Property Tax. It's important to note that personal property (such as vehicles) is assessed and taxed separately.

Available Exemptions

Henrico County offers several property tax relief programs based on eligibility criteria set by Virginia state law and local ordinances:

• Senior Citizen Exemption: Property tax exemptions or deferrals are available for eligible homeowners aged 65 or older. Eligibility is based on specific income and net worth limitations established by the county.
• Disability Exemption: Similar tax relief is available for homeowners who are certified as permanently and totally disabled. This exemption also typically requires applicants to meet specific income and net worth qualifications.
• Veteran Exemptions:
• 100% Service-Connected Disabled Veterans: Real estate owned and occupied as the principal residence by a veteran who has been rated by the U.S. Department of Veterans Affairs as 100% service-connected permanently and totally disabled is exempt from taxation. This exemption also applies to the surviving spouse of such a veteran, provided they continue to occupy the property and do not remarry. There are no income or net worth limitations for this specific exemption.
• Other veteran programs may be available; check with the county.

Detailed eligibility requirements and application forms for these programs can be found on the Henrico County website or by contacting the Real Estate Assessor's Office.

Payment Schedule & Deadlines

Henrico County real estate taxes are typically paid in two installments:

• First Half: Due on June 5th
• Second Half: Due on December 5th

Payment due dates are strictly enforced. Failure to pay by the deadline will result in a penalty of 10% of the tax due or $10, whichever is greater, and interest at a rate of 10% per annum on the unpaid balance, calculated from the original due date until paid. Continued delinquency can lead to further collection actions, including liens on the property and eventual sale of the property for unpaid taxes, so timely payment is essential.

Appealing Your Assessment

If you believe your property's assessed value is higher than its fair market value, or inconsistent with similar properties, you have the right to appeal. The appeals process in Henrico County typically involves:

• Informal Review: First, it is recommended to contact the Real Estate Assessor's Office directly to discuss your assessment. Often, discrepancies can be resolved at this stage by providing additional information about your property or comparable sales data.
• Formal Appeal to the Board of Equalization: If an informal review does not resolve your concern, you may file a formal appeal with the Board of Equalization. This board is an independent body appointed to hear property assessment disputes. You will need to submit compelling evidence supporting your claim (e.g., recent independent appraisals, sales data for comparable properties, repair estimates for significant defects). Hearings are typically held in the spring, and specific deadlines apply for filing an appeal after assessment notices are mailed.

It is crucial to gather strong evidence and understand the appeal criteria before initiating the process to improve your chances of a successful outcome.