Tax Relief for Certain Rehabilitated Structures
Requirements for Exemption
The city of Richmond allows partial exemption from real estate taxes for qualifying rehabilitated and replaced structures. For
those properties that qualify, the increase in market value caused by rehabilitation/replacement will be credited from taxable
assessment for up to ten years.
For full information, including the provision for qualifying for this partial tax exemption, see
City Code Section - 98-132 thru 98-141 as amended in 2006.
The application fee for residential properties (1-4 units) is $125.00; the fee for all other properties is $250. The fee is non-refundable.
The Rehabilitation Application form
may be obtained online or in Room 110 at City Hall. An application is required for each structure that can be legally sub-divided from the parent
parcel.
Each application must be filed with an active building permit issued from the
Department of Planning and Development Review.
Do not begin work until the initial inspection has been completed. If you have not been contacted by an appraiser within 7-10
business days of receipt of application in the Assessor's Office, please call us.
Any work completed prior to initial inspection is considered part of the base (initial) value and will not be part of the credit.
The work must be completed within 2 years of base value.
This program does not apply to vacant land.
Taxes must be paid on time in order to receive credit.
Any value increase from general reassessment is not part of the tax abatement program.
Rehab credit transfers with the property title.
For final value inspection, the applicant must give written notice of completion to the Assessor's Office or complete a
Qualification Release Form and send it to our office.
After notification of completion, an appraiser will contact property owner for final inspection.
The abatement begins the following tax year after written notification has been received in the Assessor's Office.
Alert your mortgage company that you are in the tax abatement program if you have an escrow account.
Please read your materials carefully.
Tax Payment Methods
Tax bill will be mailed to tax payer (or their escrow company) for payment.
Rehab credit will be indicated on bill and deducted from total tax due.
Failure to pay annual taxes by due date will forfeit partial exemption credit for the current year. Tax payments can be mailed,
paid in person at City Hall, or paid electronically online.
