Three-dimensional geospatial analysis is critical for applications in urban planning, climate adaptation, and environmental assessment. However, current methodologies depend on costly, specialized sensors, such as LiDAR and multispectral sensors, which restrict global accessibility. Additionally, existing sensor-based and rule-driven methods struggle with tasks requiring the integration of multiple 3D cues, handling diverse queries, and providing interpretable reasoning. We present Geo3DVQA, a comprehensive benchmark that evaluates vision-language models (VLMs) in height-aware 3D geospatial reasoning from RGB imagery alone. Unlike conventional sensor-based frameworks, Geo3DVQA emphasizes realistic scenarios integrating elevation, sky view factors, and land cover patterns. The benchmark comprises 110k curated question-answer pairs across 16 task categories, including single-feature inference, multi-feature reasoning, and application-level analysis. Through a systematic evaluation of ten state-of-the-art VLMs, we reveal fundamental limitations in RGB-to-3D spatial reasoning. Our results further show that domain-specific instruction tuning consistently enhances model performance across all task categories, including height-aware and open-ended, application-oriented reasoning. Geo3DVQA provides a unified, interpretable framework for evaluating RGB-based 3D geospatial reasoning and identifies key challenges and opportunities for scalable 3D spatial analysis. The code and data are available at https://github.com/mm1129/Geo3DVQA.