23221 Property Tax Rate

Property owners in ZIP code 23221 (Richmond, Virginia) pay a median of $5,498/year in property taxes on homes valued at $544,400. This translates to an effective tax rate of 1.01%, which is 50% above the Virginia state average of 0.67%.

The monthly property tax burden for a median-valued home in 23221 is approximately $458, which factors into escrow payments on mortgages. This ZIP code is located within Richmond city. This is $3,255 more than the Virginia average of $2,243/year.

Compared to similar ZIP codes in Virginia, 23221 has higher property taxes. ZIP codes with similar effective rates include 24012 (1.01%) and 20171 (1.01%).

In Richmond, property taxes represent approximately 5.7% of the median household income of $97,006, providing context for the relative tax burden on homeowners in this area.

Virginia has no state property tax — Richmond city's higher effective rate (1.08%) reflects local tax policy, and assessments are not automatically reset at purchase. Richmond qualifies for the state Circuit Breaker program for seniors 65+ and disabled residents with limited income; apply to the Richmond Assessor's office to reduce your annual tax burden. File a formal assessment appeal with the City of Richmond Assessor within the 30-day window after receiving your official assessment notice.