Richmond, VA CAM Reconciliation Guide
Vacancy rates, property tax system, operating expense benchmarks, and market-specific CAM billing considerations for Richmond, VA commercial landlords.
Current Vacancy Rates
Source: CBRE/JLL Q4 2025 Market Reports
Average CAM per Square Foot
Property Tax System
City of Richmond Assessor / Henrico County, Chesterfield County assessors
File appeal with local Board of Equalization (deadlines vary by jurisdiction). Virginia independent cities assess separately from counties. Annual reassessment in most jurisdictions.
~0.8-1.2% effective rate (varies significantly by jurisdiction)
Key Submarkets
CAM Billing Considerations
- Virginia independent city system — Richmond is separate from surrounding counties
- State capital and federal contractor presence provides demand stability
- Data center growth along I-95/I-64 corridor increasingly significant
- BPOL (business, professional, and occupational license) tax adds to operating costs
- Machine-readable land value tax discussions could reshape assessment approach
BOMA Richmond
Market Context
Richmond benefits from Virginia's independent city system, which creates clear jurisdictional boundaries but different tax rates across the metro. State government and defense contractor demand provide stability uncommon in markets this size.
Related Resources
Reconcile Richmond, VA Properties
CapVeri accounts for market-specific vacancy, local tax timing, and property-type-specific expense pools in your reconciliation.
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