WILLIAMSBURG-On May 12, Williamsburg City Council unanimously adopted its next budget for Fiscal Year (FY) 2023.
The $117.8 million budget includes a 2-cent tax reduction on real property tax. The new rate is now 62 cents per $100 of assessed value. Williamsburg’s budget also includes a reduction in the assessment ratio for personal property tax by 20 percent, which means taxpayers will pay 80 percent of the value of their vehicles.
“City Council appreciates the current financial pressures on our taxpayers due to historic inflation, unprecedented gas prices, and large increases in both real property and personal property values,” Williamsburg Mayor Douglas Pons said in a statement. “Because of those pressures, we felt it was important to offer tax relief in the FY23 budget even as we keep moving the community toward the City’s 2040 vision.”
A full version of Williamsburg’s newly adopted budget will be posted online in July. The new budget goes into effect on July 1.
Meanwhile, James City County Board of Supervisors also approved its FY23 budget at a meeting on May 10. The county adopted a new budget of roughly $231 million, an increase of roughly $7 million over FY22.
FY23 budget expenditures for James City County include $5.1 million for Court Services, $32.4 million for Public Safety, $8.1 million for Parks and Recreation, and $102.1 million for Schools. The budget also includes a 5 percent raise for employees.
Like Williamsburg, James City County also lowered the tax rate for residents. The rate was reduced by 1 percent, from 84 cents to 83 cents per $100 of assessed value.
Jamestown District Supervisor Jim O. Icenhour Jr. thanked county staff for making this “one of the most painless budget processes we’ve gone through. I think we have a pretty good product.”
Powhatan District Supervisor Michael J. Hipple, however, warned citizens that the county may be unable to continue reducing tax rates in the future give inflation and other factors.
“Everything is going up, not just at home or at a business, but in the county too,” Hipple said. “In order to keep our great staff and employees, pay has to go up too.”
As the county’s population continues to grow, the supervisors also want to ensure that they are continuing to provide the same quality of services to its citizens. At some point, “We may need that penny back,” Hipple said.