Williamsburg residents could see a small decrease in real property taxes

Williamsburg residents could see a small decrease in real property tax next year under an ordinance proposal given to the Williamsburg City Council.

City Attorney Kim Frost gave the first reading of the ordinance at a regular meeting on Monday, September 12.

If enacted, the 2022 tax rate for Real Property would decrease from 33.7 cents to 32.5 cents per $100 dollar valuation.

Last year, Personal Property Tax (including automobiles) was raised to 45.0 cents per $100 per valuation and could remain the same for 2022 at 45.0 cents.

This year’s assessment for real property tax of $190,191,732 is reportedly up $16,000,000 compared to last year, according to Harrison.

Harrison also noted this does not include one of the state’s most recent investments, The Cumberland Mint Gaming Hall.

Tangible property tax is up $1,350,234 compared to last year, watercraft was $166,180 and has increased $2,821 more since last year, then motor vehicles is $16,343,343 which is up $2,200,107 since last year.

The total taxable assessment for 2022 was reportedly estimated at $234,954,964 compared to $19,000,000 from last year.

“With those assessments being up, and the formula we used, that’s what lowered the property tax rate,” concluded Harrison.

Any City Property taxes not paid by January 1, 2023, would be assessed a penalty of ten percent and interest at the rate of six percent until paid.

The second and final reading of the tax rate ordinance is scheduled for Wednesday, September 14, at 5 p.m. at Williamsburg City Hall.

Samantha Walden, Staff Writer at The Kentucky Daily

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