Richmond assessor outlines mass-appraisal rules, flags potentially undervalued vacant lot

Richard McKeith, Richmond city assessor, told the City Council during a presentation that state law requires annual reassessments at 100% of market value and described the three standard appraisal approaches used in mass appraisal work.

McKeith said the assessor’s office values roughly 75,000 parcels in Richmond and follows industry standards set by the International Association of Assessing Officers (IAAO). He also identified a specific vacant parcel—referenced in the meeting as 2001 Findlay Avenue (the transcript also contains alternate references to the same parcel as “2001 Bridal” and variations of “Fendell”)—that is currently assessed at $80,000 and which councilmembers said appears to be worth substantially more.

The assessment briefing and ensuing council questions mattered because the parcel is included in a biannual surplus-property list the city is considering for disposition. If assessments are too low, councilmembers said, the city could undervalue surplus property when considering sales…