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Richmond city assessor proposes 6% increase in taxable real estate for Jan. 1, 2026 reassessment
Summary
City Assessor Richard McKeith told council members the office’s forecast for the next reassessment is a 6% year‑over‑year increase in taxable real estate, citing recent market trends, assessment-to-sale ratios and conversations with an economist; council members asked for the raw land‑book numbers behind the calculation.
Richard McKeith, Richmond’s city assessor, told the Richmond City Council at a May budget work session that his office’s forecast for the Jan. 1, 2026 reassessment is a 6% increase in taxable real estate value.
McKeith said the forecast draws on recent assessment history, current assessment-to-sale ratios in higher‑value neighborhoods, and consultations with a newly hired economist who has validated the assessor’s estimate. “This year we’re forecasting six percent land book to land book from last year,” McKeith said, adding that economists’ independent forecasts were “within a half a…
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