CITY OF WILLIAMSBURG – GENERAL FUND – FISCAL YEAR 2014
General Property Taxes - All real estate, public service, personal and business property taxes, including penalties and interest, are included. Real estate property reassessments for residential properties are expected to increase about 3.6%, and commercial values up 4.9%, largely from new construction of Doctor’s Hospital at the Riverside development. The real estate tax rate remains unchanged at $.57/$100. Overall real estate taxes are estimated to be $9.46 Million for FY 2014. Personal property tax receipts are budgeted at $2.6 Million, with no change in the $3.50/$100 tax rate. Identification of vehicles in the City thru State DMV records continues to improve accuracy of vehicles located in the City, as vehicle decals are no longer required. The tax relief rate for FY2014 personal use vehicles is estimated to be 58%. Total property taxes, including penalties and interest, are expected to increase 2.8% from last year’s levels.
Other Local Taxes -This category consists of consumer utility taxes, communication sales taxes, business and franchise, bank stock, recordation, cigarette, room, meal, and $2 lodging taxes. Utility taxes are based on residential and commercial usage. Overall, other local tax receipts are estimated to decrease slightly by .5% for FY 2014. Room tax collections are estimated to be $3.3 Million, down about 2% from collection estimates for FY 2013. Meal taxes receipts are estimated to be $6.37 Million for FY 2014, up about .4% from collection estimates for FY 2013. The economic recession and its affects on tourism tax collections are discussed in greater detail in the City Manager’s Budget Message.
REVENUE HIGHLIGHTS
General Property Taxes (millions)
$12
$8
$4
$0 Actual FY 2011
Actual FY Budget FY Adopted FY 2012 2013 2014
Other Local Taxes (millions)
$16
$12
$8
$4
$0 Actual FY 2011
D-6
Actual FY 2012
Budget FY Adopted FY 2013 2014