Taxes in Richmond, Virginia
Complete tax guide for Richmond, VA. State income tax up to 5.75%, 1.15% property tax, 5.3% sales tax. Calculate your total tax burden.
State Income Tax
5.75%
Virginia
Property Tax
1.15%
Effective rate
Sales Tax
5.3%
Combined rate
Tax Burden
Moderate
Richmond, VA Tax Overview
State capital; growing food and beer scene
Population
226,610
Median Income
$50,212
Cost of Living
101.3 (100 = avg)
State Income Tax
5.75%
Median Home Price
$295,000
Richmond Tax Calculator
Pre-filled with Richmond median: $50,212
Total Tax Burden in Richmond
$10,715
Take-Home: $39,497 · Effective Rate: 21.34%
Federal Tax
$3,987
7.94% eff.
VA State
$2,887
5.75% eff.
FICA
$3,841
7.65% eff.
Take-Home
$39,497
78.66% kept
Tax Breakdown
| Item | Annual | Monthly |
|---|---|---|
| Gross Income | $50,212.00 | $4,184.33 |
| Federal Income Tax | -$3,986.94 | -$332.25 |
| Virginia State Tax | -$2,887.19 | -$240.60 |
| Social Security (6.2%) | -$3,113.14 | -$259.43 |
| Medicare (1.45%) | -$728.07 | -$60.67 |
| Take-Home Pay | $39,496.65 | $3,291.39 |
Property Tax in Richmond
Median Home
$295,000
Annual Tax
$3,393
Monthly Tax
$283
Effective Rate
1.15%
Sales Tax in Richmond
Combined Rate
5.3%
State Portion
~2.8%
Local Portion
~2.5%
The combined sales tax rate in Richmond is 5.3%, which is below the national average of 7.12%. On a $100 purchase, you would pay $5.30 in sales tax.
Tax Burden Comparison
| Tax Type | Richmond | Virginia Avg | National Avg |
|---|---|---|---|
| Income Tax | 5.75% | 5.75% | 4.6% |
| Property Tax | 1.15% | ~1.15% | 1.1% |
| Sales Tax | 5.3% | ~5.3% | 7.12% |
| Overall Burden | Moderate | — | Moderate |
Tax Saving Tips for Richmond Residents
- Virginia's income tax rate of 5.75% is above average. Maximize pre-tax retirement contributions (401k up to $23,500, IRA up to $7,000) to reduce both federal and state taxable income.
- Property tax in Richmond (1.15%) is above the national average. Check if you qualify for homestead exemptions or assessment appeals to reduce your property tax bill.
- Use a Health Savings Account (HSA) if eligible. Contributions are tax-deductible ($4,300 individual, $8,550 family), growth is tax-free, and withdrawals for medical expenses are tax-free.
Other Cities in Virginia
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Very LowCharlottesville
ModerateCalculate Your Full Virginia Tax Burden
See detailed state tax brackets, FICA breakdown, and compare to neighboring states.
Frequently Asked Questions
What are the tax rates in Richmond, VA?
Richmond, Virginia has a state income tax rate up to 5.75%. The property tax rate is 1.15% and the combined sales tax rate is 5.3%. State capital; growing food and beer scene
How much is property tax in Richmond?
The effective property tax rate in Richmond is 1.15%. On the median home price of $295,000, this equals approximately $3,393 per year or $283 per month. This is above the national average of 1.1%.
What is the sales tax rate in Richmond?
The combined sales tax rate in Richmond is 5.3%, which includes both state and local components. This is below the national average combined rate of approximately 7.12%.
How does Richmond's tax burden compare to other cities?
Richmond has a moderate overall tax burden. The effective total tax rate for a median-income household is approximately 29.1%. The combination of 5.75% state income tax, 1.15% property tax, and 5.3% sales tax determines the total burden. Cost of living index is 101.3 (100 = national average).
Are there any local taxes in Richmond?
Richmond does not impose a separate local or city income tax. Residents pay the state income tax of 5.75%, federal income tax, and FICA (Social Security and Medicare). State capital; growing food and beer scene