Property Tax Assessments (Richmond, Chester: assessors, houses, income)

[Archguy]

It's amazing what we tolerate. This example is from Richmond
but I know that Chesterfield and Henrico are similar.



Jurisdictions are only too happy to increase assessments as much as 20 or 25% per year during the 'good times' but loath to reduce them by so much as a penny when recession sets in. Now who here believes that values didn't decrease a single penny during the housing slump?

City and County Assessors, that's who.

[sls76]

Tax assessment on my house in Western Henrico dropped about 20% in 2011. Right now it's significantly under assessed. So Henrico did adjust values accordingly although they probably waited too long.

[josi1580]

I read that Chesterfield County has a Tax Relief program for elderly or disabled, supposedly if you own and reside in your home taxes are pro-rated if you are over 65 or totally and permanently disabled. So if gross income doesn't exceed $37,000 you get 100% tax relief, $37,001-$48,500; 60% and $48,501-52,000; 35%. Anyone take advantage of this?

[richmondpics]

Hmm... my city taxes have gone down for the past couple years despite market values improving.

[brocco]

mine went down this year, but only slightly. i actually think its really close to what the property is worth

not that i disagree with you in general, just sharing my experience

[Pruzhany]

Every county has a break even amount. Every county has past debts to pay and future work to be done. Some future work can be moved further down the road and some can't. Most people under the $400k mark have seen little change as their assessments went down and the rate went up. The bigger counties haven't raised the rate in years, but instead make up the short fall in raising fees and allowing houses to be built on properties so small that set backs are the property lines and thus adding more income.