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Proposed 2024/25 Village of Lowville Budget Keeps Tax Rate Flat While Exceeding Tax Cap with 13 Percent Increase to Tax Levy

 

Published: April 02, 2024 at 01:30 p.m.

By: Nick Altmire

 

Lowville, NY- The Village of Lowville Board of Trustees has scheduled a public hearing on the Tentative 2024/25 budget during their special organizational meeting on April 3, 2024 at 4:00 p.m. at the Municipal Building on Bostwick Street.

 

The 2024/25 budget proposes to keep the property tax rate the same as the current budget year, with village residents paying $9.61 per $1,000 of assessed value on their property.

 

The tentative 2024/25 budget proposes $2,598,070 in expenditures, a $236,595 increase over the $2,466,958 allocated in the 2023/24 budget. There are no major changes proposed in the year-over-year spending, with increases spread across many of the individual budget categories accounting for the increased expenditure amount overall.

 

The total amount to be collected through real property taxes (tax levy) is proposed at $2,010,628 for 2024/25, up 13.3 percent over the $1,774,033 collected for 2023/24. While the tax levy is increasing by 13.3 percent, exceeding the New York State property tax cap limit allowed for the village of 1.83 percent this year, the rate per $1,000 of assessed value remains the same due to an increase in the total value of taxable property in the village from $184,664,198 in 2023/24 to $202,921,948 for 2024/25. Most residents will likely see an increase to their village tax bills as most properties in the village were reassessed at higher values, meaning although you are paying the same rate per $1,000 of assessed value the increase in property value will result in a larger tax payment compared to last year.

 

Currently the fund balance sits at $2.15 million as of January 31, 2024, according to Clerk-Treasurer Brittany Vinette. The 2024/25 fiscal year for the Village begins on June 1, 2024.

 

The full 2024/25 general fund tentative budget document can be viewed in the link below, in addition to links for the water and sewer fund budgets.

 

 

2024-25 Village of Lowville Tentative General Fund Budget

 

2024-25 Village of Lowville Tentative Water Fund Budget

 

2024-25 Village of Lowville Tentative Sewer Fund Budget

 

 

 

 

 

 

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