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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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