A few things are universal to the tax-abatement programs:
- Before doing any work, always have your home assessed for a base value (the application process will predicate this).
- If you start the work before there's an assessment, you may still be eligible to apply for the program, though only the new work going forward after the application is submitted will qualify.
- Get building permits before applying. There may be a deadline to get work done, so be ready to go.
City of Richmond
Chesterfield
Henrico
Qualifications Age and Value of Home At least 20 years old At least 25 years (some wiggle room for lower-valued homes 15 years or older) At least 40 years old and original assessed value can't exceed $200K Increased Value Minimums Improvements must increase the value of the structure by at least 20 percent. Improvements must increase the value of the structure by at least 10 percent. Exemption applies to 200 percent of square footage of the original structure that has been replaced or rehabilitated. Improvements must increase the value of the structure by at least 20 percent without increasing total square footage by more than 100 percent. (Detached improvements are not eligible.) Application Fee $125 $50 application fee (refundable at end of project) $50 application fee Duration of Abatement* 7 years with a 3-year step-up program (25 percent, 50 percent, 75 percent) 8 years 7 years Tax Rate $1.20 per $100 (billed annually) .95 per $100 tax rate (billed twice a year) .87 per $100 (billed twice a year)
* = (begins January 1 of year following completion of project)
