James City County’s first pass at a new budget includes $12 million in additional spending requests, and double-digit assessment increases could provide enough tax increases on homeowners to cover it.
Preliminary results of this year’s residential property assessments show they will increase 11.84%, reflecting rising real estate values. Residential real estate accounts for 94% of the increase in the value of real estate in the county, according to a preliminary report prepared for the board of supervisors.
Reassessment notices will go out Feb. 27 to anyone whose property value changes.
Supervisors always have the option to lower the tax rate or provide a credit to partially offset the resulting tax increase, as they did in 2024.
County Administrator Scott Stevens told Williamsburg Watch early this year he would favor looking at options to mitigate the impact of rising property values.
The budget and property values are just part of the smorgasbord of issues o…