How Much Are Property Taxes on a $400,000 Home in Richmond City vs Henrico County in 2026

The direct answer: on a $400,000 home in 2026, Richmond City property taxes run approximately $4,480 per year, while the same home in Henrico County runs approximately $3,480 per year, based on each jurisdiction's current tax rate applied to a full-value assessment. That is a difference of roughly $1,000 annually, or about $83 per month on a mortgage payment.

Those figures come from the published 2026 real property tax rates for each jurisdiction. Richmond City's rate sits at $1.12 per $100 of assessed value. Henrico County's rate is $0.87 per $100 of assessed value. Applied to a $400,000 assessed value, Richmond City produces a bill of $4,480 and Henrico County produces $3,480.

Richmond City Tax Rate

Richmond City charges $1.12 per $100 of assessed value in 2026. That rate applies to real property throughout the city limits, which include neighborhoods from Church Hill on the east side to the Museum District near the Virginia Museum of Fine Arts, the Fan District along Monument Avenue, and Southside communities like Forest Hill. The city is an independent jurisdiction in Virginia, meaning it operates completely separately from any surrounding county.

Henrico County Tax Rate

Henrico County charges $0.87 per $100 of assessed value in 2026. Henrico wraps around much of Richmond City's northern, western, and eastern borders. Communities like Short Pump, Glen Allen, Tuckahoe, Lakeside, and Sandston all fall within Henrico County. The county has its own school system, its own library system, and its own public services budget, all funded partly through this rate.

Side-by-Side Dollar Comparison on a $400,000 Home

Here is the math laid out clearly, assuming a $400,000 assessed value in both cases.

• Richmond City rate: $1.12 per $100, producing an annual tax bill of $4,480 on a $400,000 assessed value.
• Henrico County rate: $0.87 per $100, producing an annual tax bill of $3,480 on a $400,000 assessed value.
• Annual difference: approximately $1,000 more per year in Richmond City compared to Henrico County.
• Monthly escrow impact: roughly $83 more per month in Richmond City, which shows up in your mortgage escrow payment.

For a deeper look at how these rates compare across the broader Richmond metro, this county-by-county rate comparison breaks down 2026 figures across multiple surrounding jurisdictions including Chesterfield, Hanover, and Goochland.

2. How Assessments Work and Why the Rate Is Only Half the Story

The tax rate tells you the multiplier, but the assessed value is the number it multiplies. Both Richmond City and Henrico County aim to assess at 100 percent of fair market value, but how frequently they reassess and how closely assessments track actual sale prices can vary. If a home sells for $400,000 but the jurisdiction still has it assessed at $360,000 from a prior cycle, your actual tax bill will be lower than the rate-times-purchase-price math suggests.

How Richmond City Assesses Property

Richmond City conducts annual reassessments of all real property. The City Assessor's Office reviews sales data and adjusts values each year, with notices mailed to property owners in the first quarter. In a rising market like Richmond has experienced over the past several years, annual reassessment means assessed values tend to track sale prices closely. If you buy a Fan District rowhouse or a Church Hill Victorian for $400,000 today, expect the city to reassess near that figure for your first full tax year.

Property owners who believe their assessment is inaccurate can appeal to the Board of Real Estate Assessors. The appeal window is typically open for a limited period after notices go out in the spring, so mark your calendar if you plan to contest a value.

How Henrico County Assesses Property

Henrico County also reassesses annually. The Henrico County Real Property Assessment Office reviews market sales each year and updates values county-wide. Notices go out in the first quarter as well. Like Richmond City, Henrico targets 100 percent of fair market value, so a $400,000 purchase price in Short Pump or Glen Allen will generally result in an assessed value close to that number within your first reassessment cycle.

Henrico also has an appeal process through the Board of Equalization. Owners have a set window each spring to file. The county's assessment office publishes its methodology online, which can help you evaluate whether your assessed value aligns with comparable sales in your neighborhood.

Why Assessment Ratios Change Your Real Tax Bill

Because both jurisdictions reassess annually, the gap between assessed value and purchase price is usually small for recent buyers. However, if you are buying a home from a long-term owner who has not seen a recent sale trigger a major reassessment adjustment, the assessed value on the listing might be meaningfully lower than what you are paying. In that scenario, your first full tax year after purchase could see a jump as the assessment catches up to the sale price. Ask your agent to pull the current assessed value from the public record before you close.

3. Exemptions, Relief Programs, and Credits That Can Lower Your Bill

Both Richmond City and Henrico County offer tax relief programs that can significantly reduce the annual bill for qualifying owners. These programs are separate from the base rate comparison, but they are worth understanding because they can shift the math in either direction depending on your household situation.

Richmond City Relief Programs

Richmond City administers a Real Estate Tax Relief program for qualifying elderly and disabled homeowners. Income and net worth limits apply, and the relief can range from a partial reduction to a full exemption depending on where the applicant falls within the program's thresholds. The city also has a Partial Real Property Tax Exemption for rehabilitated structures, which applies to properties that have undergone substantial renovation. This can be meaningful in older neighborhoods like Jackson Ward, Oregon Hill, or Fulton, where the housing stock includes structures that have been updated in recent years.

Henrico County Relief Programs

Henrico County runs a similar tax relief program for elderly and disabled homeowners meeting income and net worth requirements. The county also offers a Land Use Program for properties used for agricultural, horticultural, forest, or open-space purposes, though this applies to larger parcels rather than typical residential lots. For most buyers purchasing a single-family home in Tuckahoe, Lakeside, or the western Henrico suburbs, the elderly and disabled relief program is the most relevant exemption to know about.

Who Qualifies and How to Apply

Applications for tax relief in both jurisdictions are typically due by April 1 of each year. You apply directly to the Commissioner of the Revenue in Richmond City or the Henrico County Real Property Assessment Office. Documentation requirements include proof of age or disability, income verification, and a statement of net worth. If you think you might qualify, contact the relevant office early in the year because the deadline is firm.

The National Association of Realtors has published a consumer guide on property taxes that explains how exemptions and assessment appeals work at a national level, which is a useful reference for understanding your rights as a homeowner regardless of which jurisdiction you choose.

4. Other Costs Layered on Top of Property Taxes

The base real property tax rate is not always the only tax-related line item on your annual bill. Both Richmond City and Henrico County layer additional charges onto the base rate for specific services. Knowing these before you buy prevents surprises when the first bill arrives.

Special Service Districts and Stormwater Fees

Richmond City bills separately for stormwater utility fees, which are based on impervious surface area on your property rather than assessed value. A typical single-family home in Richmond City pays somewhere in the range of $100 to $300 per year in stormwater fees depending on lot size and driveway coverage, though the exact figure varies. Some Richmond City neighborhoods also fall within special service districts that carry additional levies for enhanced maintenance or infrastructure.

Henrico County handles stormwater differently, billing it as part of utility services rather than as a property tax add-on. The structure matters because it affects how the charge appears on your bill and whether it is included in a mortgage escrow calculation. Ask the listing agent or your buyer's agent to pull the full annual cost breakdown, not just the tax rate, before you make an offer.

How Mortgage Escrow Works With Your Tax Bill

Most lenders require an escrow account that collects one-twelfth of your estimated annual property tax bill with each monthly mortgage payment. On a $400,000 Richmond City home at $4,480 per year, that is roughly $373 per month added to your principal and interest payment. On a comparable Henrico County home at $3,480 per year, the escrow portion drops to roughly $290 per month. That $83 monthly difference compounds over a 30-year loan into meaningful money, which is why buyers shopping in both jurisdictions should run the full payment comparison rather than looking at the home price alone.

Lenders typically conduct an escrow analysis once per year and adjust the monthly collection up or down based on actual tax bills. If assessed values rise, your escrow payment rises with them. This has been a real issue across the Richmond metro as home values have climbed over the past several years, and it is worth factoring into your long-term budget.

5. What This Means When You Are Choosing Between Richmond City and Henrico County

Property taxes are one variable in a broader financial picture, not the only one. Richmond City's higher rate reflects the cost of running an independent city with its own full suite of services. Henrico County's lower rate comes with a different service structure and geographic character. Neither jurisdiction is the automatic financial winner once you account for purchase price differences, commute costs, HOA fees, and utility rates.

Factoring Taxes Into Your Offer Price

When you compare two homes priced at $400,000, one in Richmond City and one in Henrico County, the tax difference of roughly $1,000 per year is real and should be part of your decision. But the comparison gets more nuanced when the homes are priced differently. A $380,000 home in Richmond City carries a tax bill of approximately $4,256, which is close to the $3,480 bill on a $400,000 Henrico County home. The tax rate gap does not automatically make one jurisdiction more expensive to own in; the purchase price and assessed value together drive the actual number.

It also helps to look at what each jurisdiction's taxes fund in terms of physical infrastructure. Richmond City maintains Byrd Park, the Canal Walk along the James River, the Slave Trail, and extensive urban services. Henrico County maintains Deep Run Park, Three Lakes Park, and a network of suburban roads and utilities. These are different environments with different costs built into the tax structure.

Talking to a Local Agent Before You Decide

A buyer's agent who works regularly in both Richmond City and Henrico County can pull the actual assessed value, current tax bill, and any special assessments for any specific property before you make an offer. That is more useful than applying a rate to a list price, because the list price and the assessed value are often different numbers. Andrew Weeks works with buyers across both jurisdictions and can walk you through the full cost picture on any home you are considering.

If you are still in the early stages of figuring out which part of the Richmond metro fits your goals, the 2026 buyer's guide to homes for sale in Richmond, Virginia covers price ranges, neighborhood character, and what to expect from the current market across the city and surrounding counties.

If you are relocating from outside the area and working through the Richmond City versus Henrico County question as part of a broader move, the relocation guide for buyers moving to Richmond for work covers the practical steps of settling into the metro from out of state or out of region.