***FOR IMMEDIATE RELEASE***
September 1, 2023
King William County Board of Supervisors Provides Tax Relief to Citizens by Lowering Personal Property Tax Rate on Vehicles
The King William County Board of Supervisors has provided tax relief to its citizens by reducing the personal property tax rate on vehicles.
At a Special Called Meeting held on September 1, 2023, the Board voted unanimously to lower the personal property tax rate on vehicles to $3.15, which is 50 cents lower than the $3.65 rate that was approved when the FY ’24 Budget was adopted in May.
The reduction will generate an average savings of $50 per vehicle, based on an average vehicle value of $10,000.
The amount of the tax rate reduction will be $1,026,932 and will be taken from the County’s Undesignated Fund Balance.
Also at the special meeting, the BOS authorized the Commissioner of the Revenue to set the PPTRA rate at 26.5, with a plus or minus variance of one percent.
Second District Supervisor Travis Moskalski was unable to attend the meeting.