R
esidents in Henrico County's Lakeside area and other parts of the county are facing significant real estate tax assessment increases, with some seeing hikes of 15% to 20%. However, county leaders attribute this to a hot housing market driven by high demand for homes. "The issue is that people want to live here, but there isn't enough housing supply to meet that demand," said Henrico County Director of Finance Sheila Minor.

    As a result, the total increase in residential property assessments rose 8.1% from 2024 to 2025. One long-time Lakeside resident and homeowner expressed frustration over her properties' assessment increases, ranging from 17% to 18%. Minor explained that the county assesses properties by comparing sales of similar homes with similar characteristics.

    Some neighborhoods saw significant jumps in assessments, while others experienced decreases. To mitigate the impact on those who saw sharp increases, Henrico leaders are proposing a $0.02 real estate tax cut in the new budget, which would bring the rate to $0.83 per $100 of assessed value. "We understand that these are taxpayer dollars and we're trying to use them wisely," Minor said.

    Residents who feel their assessments are unfair or inaccurate have until April 1st to appeal. They can contact the Real Estate Assessment Division at (804) 501-4300 or [email protected].