GUEST COMMENTARY: Rising Residential Real Estate Property Assessments & Increased Spending

PART 1 in a series about Williamsburg’s Budget & Finances by Bob Wilson

The City of Williamsburg will hold their annual Budget Retreat in the Fire Station Operations Room beginning at 8 am on Friday, February 14, 2025. The Public is invited to attend.

The City has recently issued their Annual Comprehensive Financial Report for the Year Ended June 30, 2024, and since fiscal 2025 is not yet complete, this provides the most current source for looking in depth at City finances. In order to inform and educate local residents regarding the City’s FY2026 budget issues, we plan a multi-part series looking at various aspects of the City’s operations and its budget for next year. This is the first of such series, which provides a few key takeaways.

Real estate tax revenues have skyrocketed in recent years

City leadership often trumpets its low tax rate. The latest budget report says, “The City of Williamsburg takes pride in providing a high level of public services to its residents at a reasonable cost. The real estate tax rate of 62¢ per $100 of assessed value contin…