Did you know? Richmond City provides a real estate tax abatement incentive to improve and maintain the quality of housing stock in the City. This provides a tax break for a portion of the real estate tax owed when an owner undertakes the improvements, rehabilitation or replacement of residential property.
Many of Richmond’s up-and-coming popular neighborhoods such as Randolph, The Fan, Church Hill, Museum District, Jackson Ward, Union Hill including many more areas where homes need TLC.
Off-set cost of renovation with tax incentives!
The City of Richmond allows partial tax exemption from real estate taxes for two separate initiatives:
- Rehabilitated or Replacement structures, including residential and multi-family properties.
- New Construction within redevelopment and Conservation Areas and Rehabilitation Districts, including new construction designed to assist rehabilitation of pre-defined districts or areas within the city.
Tax Abatement for Rehabilitated Structures:
- Single Family, Multifamily, Commercial, Industrial, Mixed Use (Inside the Enterprise zone) has a 10 year Program; First 7 years at 100% then decreases by 25% each after until it's gone.
- Commercial, Industrial Mixed Use (Outside the Enterprise Zone) has a 7 year Program; First 5 years at 100% and then decreases by 33% each year after until gone.
Source: Rehab Programs for the City of Richmond, Office of the Assessor of Real Estate City of Richmond
Determine if a property is in a Richmond Redevelopment and Conservation area here.
There are many ways to take advantage of this homebuying incentive. We can take you through it step by step! We know many contractors experienced in this process and just look at all this potential!