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Richmond city assessor forecasts 6% increase in taxable assessments for next reassessment
Summary
City Assessor Richard McKeith told the Richmond City Council during a budget work session that he is recommending a 6% land-book-to-land-book increase for the upcoming reassessment effective Jan. 1, 2026, citing recent market trends, assessment-to-sale price ratios and collaboration with an economist.
Richard McKeith, Richmond’s city assessor, told the City Council at a budget work session that he is recommending a 6% increase in the city’s land-book taxable assessments for the next reassessment cycle, effective Jan. 1, 2026.
McKeith said the 6% forecast reflects recent local market history — including back-to-back double-digit increases earlier in the decade followed by smaller gains — current assessment-to-sale price ratios that leave less room for upward adjustments, and independent corroboration from an economist the assessor’s office recently retained. “I want to try to be as spot on as I can possibly be, but not be too aggressive because we really don't know yet exactly what is going to happen,” McKeith said during the meeting.
Why it matters: the assessor’s…
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