Richmond assessor briefs council on annual reassessments, flags underpriced parcel at 2001 Bridal Avenue

City Assessor Richard McKeithen told Richmond City Council at an informal session that his office conducts annual mass appraisals for the city and must set assessments at 100% of market value under state law. The presentation described the three standard appraisal approaches the office uses—sales comparison, cost and income—and noted the office follows industry standards from the International Association of Assessing Officers.

McKeithen said the assessor’s office handles valuation "in an environment of equalization," and cited Section 58.1‑3201 of the Virginia Code when explaining the requirement for annual taxation of real property. "I don't get to say that it's not going to be done at 100% of market value. I have to do them at 100% of market value," McKeithen said.

The briefing included a staff update on the assessor’s new software. Charles Evers, deputy assessor, said the office is now live on new software called Vision Grama and has frozen legacy data to complete the conversion. "We are now live with our vision Grama software," Evers said, and staff will study market sales over the next three to four months to complete the 2026 reassessment.

Councilmembers used the presentation to press specific valuation questions and to flag a parcel identified in the city's biannual surplus-property list: 2001 Bridal Avenue. McKeithen said the parcel contains about 21,436 square feet and the current assessed value in…