Williamsburg property tax rates dropping slightly

Good news. If you live in Williamsburg then you should be getting a slight drop in your property tax bill this fall.

Depending on how gas prices fluctuate in the coming weeks, you might be able to buy an extra gallon or two of gas with the savings, but probably not much more than that.

“On a $75,000 home in 2020, you would pay $255.75 in taxes. In 2021, you are going to pay $252 in taxes. It is not a big drop. On a $150,000 home in 2020, you would have paid $511.50 in taxes. In 2021, you are going to pay $505 in taxes,” noted Williamsburg Mayor Roddy Harrison offering some perspective on the proposed tax rate change.

During a special called meeting Monday, the Williamsburg City Council held the first reading of the property tax rate ordinance for 2021, which sets the rate for real property (things that can’t be moved such as your house) at 33.7 cents per $100 of assessed value, and the rate for personal property 45 cents per $100 of assessed value. This includes things like your vehicle and inventory at stores.

In 2020, the real property tax rate was 34.1 cents per $100 of assessed value, and the personal property tax rate was 43.99 cents per $100 of assessed value.

Overall, the city continues to grow mostly.

Taxable assessments on real property increased by $12,748,095 to $174,497,872 in 2021.

Tangible property assessments decreased $1,940,020 to $26,903,475 in 2021.

Watercraft assessments were set at $163,359 while motor vehicle assessments were set at $14,143,236 in 2021.

In all, the total taxable assessment in 2021 was set at $215,707,942, which was a $10,659,655 increase over the prior year.

There was a $619,150 increase in new property in 2021 inside Williamsburg, which was a $114,150 increase, Harrison told the city council Monday.

He said this includes anything that required a permit to build it.

The city council scheduled a special meeting for 5 p.m. Wednesday to approve the second and final reading of the 2021 property tax rate ordinance.

Harrison said that this meeting will be held in person, and he announced that the September city council meeting is being canceled due to the two August special meetings.

Harrison said that an assessment would be made prior to the October council meeting in regards to whether to switch back to virtual meetings due to COVID-19. Harrison added that holding the special meetings in August will enable the city to get tax bills out earlier.

Under the terms of the proposed property tax rate ordinance, any city property taxes unpaid as of Jan. 1, 2022, will be assessed a 10 percent penalty plus interest at a rate of 6 percent per month until paid.