Spotlight on the City of Richmond Tax Abatement Program

With the current real estate market adjustment, we have not only seen downward adjustments related to sales prices but also to real estate tax assessments. Lower taxes is always a good thing, right?!

Well, here is a cautionary note for homeowners who currently own a property that is currently registered with the City of Richmond’s Tax Exemption for Rehabilitated Structures program. Assessments are based on the total of your improvement value and the land value. The final value used to determine the amount of your abatement was based on real estate values at the time the property was renovated and accepted into the Rehab program. If the total value of your improvements has decreased from that amount shown as the “Rehab Final Improvement Value” (FIV), the abatement will also decrease by a proportionate amount until such time as the assessment of the “improvements” again equals or exceeds the “FIV”.

The tax abatement cannot be applied toward land value so ensure that you review both the improvement value and the land value when you receive your tax assessment notice in January.
A tax abatement is transferable to new homeowners so home buyers should be aware that a tax abatement may be adjusted downward -- especially if you are purchasing a house that has decreased in value since the time of its rehabilitation.

The good news? If real estate values increase (and assessments increase as well), then you are still eligible for the total value of the abatement as determined when your house was entered into the program.

If you have questions regarding the tax abatement program, please contact Kristy Davis at 804-646-5227 at or Richard Woodson at 804-646-5198 with the City of Richmond Assessor's Office.

Balliceaux - A Local Escape

Well, you have probably read the rave reviews, and here is one more to add to the others that have been pouring in. We both have had the pleasure of dining at Balliceaux, located in the Fan District on Lombardy, on separate occasions. Visually and gastronomically, it is truly like nothing else in Richmond.


The decor: Simply amazing. Lofty ceilings, "porthole" dioramas, concrete walls and warm wood accents.

The ambience: A true departure from the Bogart's of yesteryear. Modern and urban, yet accessible and comfortable at the same time. We were there on a beautiful night and the front windows were opened up to the outside.

The food: Inventive yet delicious. Choose from a variety of "small plates" or entrees. The portions are more than ample; and better still, the prices are fairly affordable with most entrees priced at less than $15. Favorites at our table: golden gazpacho and PEI mussels tom yum soup for starters, hot lacquered tuna and hangar steak for dinner, and icebox lemon pie and churros with coffee sauce for dessert. We were slightly disappointed that several items were not available - either because they are not yet in season or the kitchen had already run out by our 7:30 p.m. reservation. We'll chalk that up to a new restaurant working the "kinks" out...


Escape to Balliceaux when you have a chance - you won't be disappointed.