R
ichmond real estate assessments are arriving in mailboxes this week, with the average increase citywide at 5.7%. While lower than recent years, many homeowners are still feeling sticker shock. However, it's a one-time reassessment as the city will freeze property values next year.

    Residents on the southside are particularly affected, with some seeing double-digit increases. Cruz Sherman, an 8th district resident, saw his home value rise by 6.2%, higher than the citywide average. He's concerned about how people on fixed incomes will afford their homes.

    Councilmember Sarah Abubaker notes that areas like South Richmond, the near West End, and parts of northside were hit hard. The upcoming freeze is intended to help realign the assessment process with the budgeting cycle, providing a one-year break from increasing bills.

    While this makes planning easier for the city, it may cause difficulties in the future as homeowners will enter 2027 with less information about their home's value. Abubaker plans to advocate for tax relief measures like rollbacks and deferrals to help those struggling to afford their homes.

    Property owners who disagree with their reassessed values can appeal by September 30th, but must do so through the Richmond Office of Assessor of Real Estate or online. The current real estate tax rate is $1.20 per $100 of assessed value, established in November 2024.