WILLIAMSBURG-Williamsburg residents can likely expect their real estate taxes to go up later this summer.
The city is proposing an increase of 8 cents to the real estate tax rate, raising it from 60 cents to 68 cents per $100 of assessed value. If approved by the City Council, the rate will take effect July 1 as part of the city’s fiscal year 2022 budget. The proposed tax increase is anticipated to bring in an additional $1.6 million in the new fiscal year.
Many residents are not happy with the tax rate increase, with more than 600 citizens signing a petition opposing the decision. Petitioners have expressed concern about a tax hike in light of the economic downturn as a result of the pandemic as some remain unemployed.
At a meeting on April 8, City Council members discussed alternative possibilities to a tax increase, but no decision was made. City Manager Andrew Trivette told council members the tax increase is needed to fund school building projects.
Typically, the City Council approves its new fiscal year budget in May but the council has decided to delay its vote until June to allow for more public input on the matter.
Williamsburg’s proposed budget for 2022 also includes an increase of 10 cents on the cigarette tax, which would raise the rate from 30 cents to 40 cents.