Homeowners in the Museum District west of the Boulevard should be bracing for big increases in their real estate tax bills.

The reason: The value of their homes leaped 63 percent in the past 12 months, according to City Real Estate Assessor James D. Hester, collectively adding $218 million in value compared with a year earlier.

Meanwhile, residents of the Riverview-Maymont Terrace neighborhood more than two miles south can expect to receive smaller tax bills.

The value of their homes near Maymont Park and the James River fell by 51.2 percent, Mr. Hester reported, collectively shedding $81.9 million in value compared with a year ago.

Values also fell a steep 34.2 percent for properties that hug Virginia Commonwealth University, according to Mr. Hester’s report on the reassessment of property in Richmond. Such big value corrections are rare birds, however, according to his report.

Overall, property values in Richmond rose a more modest 3.31 percent from last year, Mr. Hester reported after he and his staff completed the reassessment of existing properties last month. It’s still the biggest increase since 2010. Last year, values rose by less than 2 percent.

In 28 areas, the increase in property values topped the 3.3 percent average, ranging from Carver-Newtowne West to Scott’s Addition to eastern Downtown to Manchester.

Still, big chunks of the city, particularly less affluent sections, have yet to see much change.

According to the report, values were flat or dropped in 31 areas, ranging from the Bellmeade and Oak Grove neighborhoods on South Side to portions of Highland Park and Barton Heights on North Side.

Mr. Hester said that most of the neighborhoods where values have yet to increase are on South Side.

Meanwhile, the value of condominiums across the city continues to be soft. The value of the apartment-style homes was either flat or down from last year, Mr. Hester stated. However, the value of multifamily rental units generally rose across the city, most notably in Downtown.

Based on his report, existing Richmond property collectively is worth $20.7 billion, up $664 million from a year ago. After Mr. Hester adds in new construction in the coming months, he projects the total value could reach $814 million when he closes the land book this winter.

At the current tax rate of $1.20 per $100 of assessed value, the $814 million increase in property value would yield $9.8 million in new tax income for the city.

While positive, that increase still trails the city’s rosy projection for revenue from real estate taxes it expects to collect in 2016 — the biggest source of income the city relies on to pay the bills.

The current budget is based on the city collecting an additional $11.6 million in real estate taxes in 2016, boosting total collections to $230.6 million. That’s nearly $2 million more in real estate tax revenue than Mr. Hester’s report suggests is likely.