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Talk to a Specialist →The Base Rate and What It Costs
Henrico County’s real estate tax rate is $0.87 per $100 of assessed value. Virginia assesses at 100% of estimated fair market value, updated periodically to track the market. On the homes buyers typically purchase in Henrico 55+ communities, the annual tax bill runs as follows:
Annual Tax at $0.87/$100 — Before Any Exemptions
Henrico’s Senior Real Estate Tax Relief Program
Henrico County administers a real estate tax relief program for qualifying elderly and permanently disabled homeowners under Virginia Code § 58.1-3210. The program provides either exemption (no tax) or freeze (tax capped at a base year amount), depending on income level.
General Eligibility Requirements (Verify Current Thresholds)
| Requirement | General Threshold | Notes |
|---|---|---|
| Age | 65+ or permanently disabled | At least one owner/occupant must qualify |
| Gross household income | Verify current limit with Henrico | All income sources count — SS, pensions, IRA withdrawals, investment income |
| Net worth | Verify current limit with Henrico | Excludes primary residence; includes financial assets and other real property |
| Residency requirement | Primary residence only | Must live in the home as primary domicile |
| Application deadline | Typically April 1 annually | Annual re-certification required |
How Henrico Structures the Benefit
Henrico typically structures the relief in tiers. The lowest-income qualifying tier may receive full exemption. Higher income tiers within the qualifying range receive partial exemption or a tax freeze (property tax locked at the amount from when you applied, regardless of assessment increases). The freeze is particularly valuable in a rising market — even if your home appreciates from $450,000 to $550,000 over five years, your tax bill stays at the base-year amount.
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Henrico vs. Goochland: The Real Tax Comparison
Henrico at $0.87 vs. Goochland at $0.53 — on a $500,000 home, that’s $1,700/year more in Henrico, or $17,000 over a decade. But if a Henrico buyer qualifies for even a 50% exemption, the effective rate drops to $0.435, which is actually lower than Goochland’s base rate. The math changes completely depending on your income situation.
Buyers comparing CrossRidge (Henrico) to Mosaic at West Creek (Goochland) should run their actual income against both county programs before deciding the tax difference is decisive. For some buyers, Henrico’s exemption eliminates the disadvantage entirely.
Henrico 55+ Communities
How to Apply
Contact the Henrico County Department of Finance to obtain the current application form and confirm income/net worth thresholds for the current year. Applications are typically due by April 1 for relief on the upcoming tax year. You’ll need documentation of all household income sources and financial assets. The county processes applications and notifies you of the approved relief tier before the annual tax billing cycle.
Contact: Henrico County Department of Finance, 4301 E. Parham Road, Henrico, VA 23228. Phone: (804) 501-4263.
Does Henrico vs. Goochland Actually Matter for Your Budget?
The answer depends on your income and whether you qualify for the Henrico exemption. We can help you model the actual after-relief tax comparison between CrossRidge and Mosaic at your specific numbers.
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