Cost of Living

Quality of life in Greater Williamsburg is significantly enhanced by its relatively low cost of living. Most areas currently use the ACCRA Cost of Living Index when comparing costs of living between areas. The index measures differences between areas in the cost of consumer goods and services.  And for our purposes the larger metro of Hampton Roads, of which Greater Williamsburg is a part, is measured below.

Hampton Roads Cost of Living (4th Quarter, 2006)

Taxes

Virginia Personal Income Tax

Virginia imposes a personal income tax based on federal adjusted gross income with modifications, if applicable, and with deductions for personal exemptions and standard or itemized deductions. Taxable income is taxed at the following rates for 2000:

2% on the first $3,000 
3% on the next $2,000 
5% on the next $12,000 
5.75%+$720 over $17,000

Real Estate Tax

Real estate is taxed at the local level based on 100 percent of fair market value. Effective true tax rates on real estate vary and are set by locality. In 2006, the average effective rate for all counties and cities in the state, exclusive of town levies, was $0.72 per $100 of fair market value. James City County’s real estate tax is .77 per $100 of fair market value.  The City of Williamsburg’s real estate tax is $0.54 per $100 of fair market value.  York County 's real estate tax is .6575 per $100 of fair market value.

Personal Property Tax

Tangible personal property (vehicles, boats, etc.) is taxed at the local level and is based on a percentage(s) of original cost.

Sales Tax

In Virginia sales tax is 5%.