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Richmond Real Estate document sample
Document Sample
2009 Richmond Average Real Estate Sales Prices compared to the
2009 Average Assessed Values for the same properties
$700,000
$633 Graph Key
$600,000 Average 2009 Richmond Real Estate Sales Prices
Average Real Estate Values
$631 Average 2009 Richmond Real Estate Assessment Values for the
$500,000 same properties sold in 2009
How close Richmond Real Estate Value Assessments were when it
$400,000 came to actual sales of that property (shown as percentage ratios)
$288 $279 $277
$300,000 $244 $271 $256 $256 $254
$285 $217
$224 $267 $275 $275 $181
$200,000 $243 $249 $254 $254
$213 $212
$176
$100,000
95.38% 99.67 99.31 99.05% 98.30% 98.55% 97.44% 99.06% 100.01% 99.29% 102.82% 97.75%
0
Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sept-09 Oct-09 Nov-09 Dec-09
Month-Year
The graph above demonstrates that the 2009 Richmond real estate market maintained at sales price levels
close to, or slightly above, the Richmond Real Estate Assessed Values for the same properties.
The graph includes 2009 Richmond Real Estate Sales, in which the buyers and sellers bought and sold at fair mar-
ket value. In the real estate industry, the term “arm’s length transaction” is used, which means that both parties
in the sale are buying at fair market value. An example of a sale not at fair market value would be: a situation
where a mother sells her daughter her house for $100 or a price that is way below its value.
2009 Richmond Average Real Estate Sales by price range
2010
65
60 59 Graph Key
Richmond
55 Under$200,000
53 56 $200-$300,000
50 47 $300-$400,000
46 $400-$500,000
45
46
Number of Sales
Over $500,000
40 39 38
ANNUAL REAL ESTATE
35 33 37
32
29
30
26 26
ASSESSMENT PROCESS
25 24
25 21 22
21 25 25 21
20 19
17 16 18
19 15 15 19 18
15
16 13 11 12
12 11
10
10 6 9 8
9
8
8 11 8
6
9
10
9 Citizens of Richmond, Virginia U.S.A.
4 4
7
Richmond City Council Public Information/srs 2.5.10
5 3 6 7 5 3 6
4 4 4 3 5 4 2 1 2 Provided by the
0 0 1 0 0 1
Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sept-09 Oct-09 Nov-09 Dec-09
Richmond City Council
Month-Year
Office of the Assessor of Real Estate
The graph above shows the amount and distribution of 2009 Richmond real estate sales that were bought Richmond City Hall - 900 East Broad Street, Suite 802
and sold at fair market value per month. The graph demonstrates that the most active group was properties Richmond, Virginia 23219 - 804.646.5600 (tel)
selling for $300,000 or less. www.richmondgov.com (website)
CITIZEN INFORMATION BOOKLET
Our Government, Real Estate and Taxes
Richmond Annual Real Estate Assessment Process
As Richmond citizens, we pool our resources to own Richmond Real Estate Assessments are annual estimates done each year to establish fair and equitable
and operate our government and decide what pub- values for each real estate parcel in the city. Values are assessed (reassessed) annually in order to estab-
lic services we want and how to pay for them. lish updated fair market values due to changes in real estate value, which include:
Examples of our services include the manage-
ment, oversight and delivery of such things as clean/
1 Market changes 2 Improvements 3 New construction 4 Corrected errors 5 Demolitions
safe water; streets/parks; firefighting/rescue; trash/
sewage removal; laws, police/courts; and, our chil-
dren’s education. Together, we own, operate, use
Real Estate Assessment Factors
and benefit from these services every day. The following assessment factors are used to help ensure that assessments are fair and equitable.
We as citizens have determined that a fair way to 1 Comparing property values to others in the area that have sold recently;
help pay for these services is for real estate owners to
annually contribute funds, based on a percentage Determining how much it would cost, for current material and labor, to replace a property
2 and, if a property is not new, how much it has deteriorated; and,
of the value of the real estate they own in the city.
To help ensure fairness, this process includes: If a property is rented, how much income would it produce and how much operating
3 expenses, taxes, insurance, maintenance costs and return on the investment should be.
1. Each year, the fair market value of real estate in
the city is assessed and the value is set Jan. 1.
Values are based on the previous year.
Richmond Real Estate Assessment, Setting of Tax Rate and Tax Payments
2. An annual Richmond Real Estate Tax Rate is set The following calendar includes a summary of annual dates and information regarding real estate
by Richmond City Council by April 15. This rate is assessments, appeals, setting of tax rate and tax payments.
the percentage, based on $100 of value, that a
real estate owner will contribute. Autumn Richmond Office of the Assessor of Real Estate scrutinizes preliminary real estate assess-
(Oct./Nov./Dec.) ments and puts them through a series of quality control measures to help ensure accuracy.
3. Real estate owners pay their share annually,
based on the value of their real estate and the Winter Richmond Office of the Assessor of Real Estate performs final quality control measures and
tax rate by June 15. For example, if a person who (Jan./Feb/March) new real estate assessments are prepared. Some important dates during this time include:
owns $100,000 in real estate and the tax rate is Jan. 1 Real estates values are established and recorded in the Richmond Land Book
$1.20 per $100, their share is $1,200. Jan. 25 Owners are mailed new real estate assessments (includes previous year value)
March 1 Deadline to file formal appeal of new real estate assessment, using an
Our real estate tax is the largest single funding Application of Review of Assessment form
source we use to pay for our public services and is
used statewide to pay for local services. There are Spring Richmond Office of the Assessor of Real Estate, inspects and evaluates properties, which
approximately 73,000 real estate properties in Rich- (Apr./May/June) includes creating and updating descriptions, photographs and sketches. Some important
mond and to help ensure fairness, Virginia State Law dates during this time include:
requires that Richmond perform annual real estate April 15 Annual Richmond Real Estate Tax Rate set by Richmond City Council
assessments to determine fair market value. June 30 Deadline to file formal appeal with Richmond Circuit Court Board of Review
Richmond City Council Summer Richmond Office of the Assessor of Real Estate, inspects and evaluates properties, which
Office of the Assessor of Real Estate (July/Aug./Sept.) includes creating and updating descriptions, photographs and sketches.
To help ensure consistency and fairness in establish- Appealing an Annual Richmond Real Estate Assessment Note: Richmond Real Estate Taxes
ing the value of real estate, one of the duties of the If a citizen does not agree with the assessed value of their real estate they may:
Richmond City Council Office of the Assessor of Real 1 The Richmond Office of the Assessor of
1 Contact the Richmond Office of the Assessor of Real Estate to discuss Real Estate does not set real estate tax
Estate is to perform annual real estate value assess-
rates or send tax bills.
ments of properties located in the city, as required
If concern is not resolved, file a formal appeal using an Application of
and prescribed by Virginia State Law and national
2 Review of Assessment form, available from city libraries, office and 2 Richmond Real Estate Tax Rates are
real estate assessment standards. These assessments set by Richmond City Council.
Website. Application must be filed by March 1 for that year’s assessment.
are published in a Richmond Annual Land Book.
If still not resolved, file a formal appeal to the Richmond Circuit Court 3 Richmond Real Estate Tax bills are
This office is not involved with setting our real Prepared and sent by the Richmond
estate tax rate or the paying of taxes. The process 3 Board of Review, using the form and information available from the city Department of Finance. For tax bill
followed by this office is illustrated to the right. website. Appeal must be filed by June 30 for that year’s assessment. questions, please call 804.646.5700,
or email finance@richmondgov.com.
