Williamsburg residents will be seeing an increase on their 2017 property tax bills.
The Williamsburg City Council held the first reading of the real property tax rate ordinance for 2017 during a special meeting late Monday afternoon setting the tax rate at 32.20 cents per $100 of assessed value.
Last year’s tax rate was 31.20 cents per $100 of assessed value
Williamsburg Mayor Roddy Harrison said that he didn’t figure a percentage increase on the real property tax increase, but that someone with a $50,000 home would pay $5 more annually, and someone with a $100,000 home would pay $10 more annually.
The city council also held the first reading of an ordinance increasing the tangible property tax rate, which climbs from 39.43 cents per $100 of assessed value to 43.06 cents per $100 of assessed value.
Total assessment on all types of property in the city was $190,242,851, which was a 0.7 percent total increase over last year’s assessment.
Real property assessment increased 1.85 percent to $149,632,581, while tangible property assessments decreased 3.75 percent to $25,741,473.
Harrison noted that Williamsburg was named one of the most affordable places to live last year, and even with the tax increases the cost of living is still “pretty dog gone low.”
The council held a second special meeting Tuesday afternoon where they approved the second reading of the ordinance setting both new tax rates.
Also during Monday’s meeting, the council authorized Harrison to pursue refinancing of three loans totaling $4,887,418.
Harrison said the refinancing is estimated to save the city about $17,000 annually, and would not lengthen the repayment time on the loans, which would all stay the same.
“It just looks to me this is a no brainer,” noted Councilman Loren Connell. “I think we would be crazy not to try to do this.”
One of the loans was for construction of Williamsburg City Hall, and the other two were United States Department of Agriculture loans that deal with sewer expansion, repairs or improvements.
City officials hope to sell revenue bonds in November in order to refinance the loans.
Revenue bonds are the government equivalent of a home mortgage and are often used to finance projects.
In other business during Monday’s meeting, the council:
- Accepted resignation of Randy Vernon from the Williamsburg Tourism Commission and appointed Julie McCullah to replace him.
- Accepted the resignation of Georgia Robinson from the Williamsburg Planning and Zoning Commission and appointed David Perry to replace her.
- Accepted the resignation of Chuck Dupier from the Williamsburg Planning and Zoning Commission’s Variance Board and appointed Victor Freeman to replace him.