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| Village of Lowville Approves Annual Budget; Tax Levy Increase Exceeds State Property Tax Cap 04/19/18 04:30pm |
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a $2,163,589 General Fund budget at their monthly meeting last evening. The adopted plan increases spending by $75,597 or 3.62% over last year's $2,087,992 General Fund budget. The amount to be collected through property taxes is $1,573,676, which is $63,423 more than the $1,510,253 budgeted last year. Property owners will see an $0.18 or 2.01% increase per $1,000 of assessed value this year, with the tax rate per $1,000 of assessed value going from $9.06 last year to $9.24 this year. This means a home valued at $100,000 would see their village tax bill go from $906 to $924. The Village's adopted budget exceeds the State's Property Tax Cap, which is set at 2% or the rate of inflation, whichever is lower. The rate for this budget year was 1.02%. The board approved a tax cap levy override law at their March 21st meeting, allowing them to exceed the cap. You can view the budget here. Village residents will also see a 10% water rate increase on their May bills. The board approved the increase at the October 17th meeting, effective November 1st. With water billing occurring twice a year, in May and November, the May bill will be the first to include the increase. You can view last evening's board meeting in the video below: |
