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Richmond VA 55+ Communities: True Cost Guide

The math every buyer needs before signing. HOA fees, county property taxes, insurance, reserves, and 10-year projections — all in one place.

Most 55+ community websites will tell you the HOA fee and the price range. That is where the math ends. This guide continues it — through property taxes that vary by $1,700 per year depending on which Richmond-area county you choose, HOA fees that can top $6,000 annually, insurance costs that have risen 18–25% since 2022, and reserve assessments that blindside buyers who did not read the financials.

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The Five Counties — Property Tax Comparison

Richmond's 55+ communities span five counties with meaningfully different property tax rates. On the same $450,000 home, the annual tax bill ranges from $2,385 in Goochland to $4,095 in Chesterfield — a $1,710 per year difference. Over 10 years, that is $17,100 before any rate increases.

CountyRate per $100Annual Tax ($450K)Annual Tax ($600K)10-Year Gap vs. Goochland
Goochland$0.53$2,385$3,180—
New Kent$0.79$3,555$4,740+$11,700
Hanover$0.81$3,645$4,860+$12,600
Henrico$0.87$3,915$5,220+$15,300
Chesterfield$0.91$4,095$5,460+$17,100
Senior tax relief exists in all five counties. Virginia counties offer property tax exemption or deferral for homeowners 65+ who meet income and net worth thresholds. Apply through your county Commissioner of the Revenue after closing.

HOA Fees by Community

CommunityCountyHOA/Month (Est.)HOA/YearExterior Maint. Included
CrossRidgeHenrico~$380–$450~$4,560–$5,400Yes (roof, siding, gutters)
Mosaic at West CreekGoochland~$250–$310~$3,000–$3,720No — lawn only
Traditions of AmericaChesterfield~$350–$420~$4,200–$5,040No
Chickahominy FallsHanover~$280–$380~$3,360–$4,560Varies by phase
Colonial HeritageNew Kent~$300–$380~$3,600–$4,560No
Woolridge LandingChesterfield~$300–$380~$3,600–$4,560No
Lake MargaretChesterfield~$200–$280~$2,400–$3,360No
Hickory GroveHanover~$180–$250~$2,160–$3,000No
Harpers Mill 55+Chesterfield~$150–$220~$1,800–$2,640No
Cottage GreenHanover~$100–$160~$1,200–$1,920No
The exterior maintenance distinction matters. CrossRidge's HOA covers roof replacement, siding, gutters, and exterior painting. At Mosaic or Traditions, the HOA covers lawn care. You own the roof and every exterior repair. Budget $1,500–$2,500 per year for a personal exterior maintenance fund if your community does not cover it.
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True Cost Comparison: $500K Home, 10 Years

CrossRidge (Henrico, exterior maint. included) ───────────────────────────────────── HOA (10 yr @ $415/mo avg): $49,800 Property tax ($0.87, 10 yr): $43,500 Homeowner insurance (est.): $12,000 Exterior maintenance (HOA pays): $0 ───────────────────────────────────── 10-Year Carrying Cost: ~$105,300 Mosaic at West Creek (Goochland, lowest tax) ───────────────────────────────────── HOA (10 yr @ $280/mo avg): $33,600 Property tax ($0.53, 10 yr): $26,500 Homeowner insurance (est.): $11,000 Exterior maintenance (est.): $18,000 ───────────────────────────────────── 10-Year Carrying Cost: ~$89,100 Traditions of America (Chesterfield, highest tax) ───────────────────────────────────── HOA (10 yr @ $390/mo avg): $46,800 Property tax ($0.91, 10 yr): $45,500 Homeowner insurance (est.): $12,000 Exterior maintenance (est.): $18,000 ───────────────────────────────────── 10-Year Carrying Cost: ~$122,300

The $33,200 gap between Mosaic and Traditions over 10 years is driven primarily by the property tax rate difference and HOA level — not the home price. Two buyers spending $500,000 end up with very different annual bills depending on county and HOA structure.

Reserve Funds: The Question to Ask Every HOA

Virginia law does not require HOAs to maintain fully-funded reserves. Most Richmond-area 55+ communities are governed by homeowner associations, not CDDs — so there are no public financial disclosures. Request the reserve study and financial statements directly from the HOA management company before closing.

Ask every HOA before closing: What is the current reserve fund balance? What percentage funded is the reserve? Have there been special assessments in the past 5 years? Are any major capital expenditures planned in the next 5 years? A community under 70% funded carries meaningful special assessment risk.

Virginia Income Tax on Retirement Income

Income TypeVirginia Treatment
Social Security100% exempt — not taxed at Virginia state level
Military retirementUp to $40,000 exempt for Virginia residents 55+
IRA / 401(k) distributionsTaxed at 2%–5.75%
Pension incomeTaxed at 2%–5.75%
Age deduction (65+)Up to $12,000 per person if income qualifies

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