Article by Jack Jacobs of Richmond BizSense
Economic fallout from the pandemic shaved hundreds of millions of dollars off the taxable assessed value of hotels and motels in Henrico and Chesterfield counties in 2021, while such values largely held steady in the city.
The decline was felt the most in Henrico, where the vast majority of the nearly 80 hotels and motels in the county saw their values diminish.
The combined assessed value for the nearly 80 such properties in Henrico fell to $288.6 million during 2021. That’s down 50 percent from $586.7 million in 2020, according to data provided by Henrico.
A similar, though not as drastic decline was levied on the four dozen or so hotels and motels in Chesterfield County, with a total combined assessed value of $177.4 million in 2021, which was a 13 percent decrease compared to $204.5 million in 2020, according to data provided by the county.