Lake Placid Lake Placid Village Board members Thursday, June 28 in a special meeting adopted the 2012-13 village budget barely under the state-mandated tax cap.
In 2012-13, the amount to be raised by taxes (tax levy) will be $3,442,393, an increase of $109,157 or 3.27 percent. The 2011-12 tax levy was $3,333,236.
The state’s tax levy limit for the village was set at $3,442,439, an increase of $109,203 or 3.28 percent. While the base tax cap is 2 percent growth, the state comptroller’s office allows a 1 percent tax base growth factor, a 1 percent allowable levy growth factor and takes into consideration other factors, such as PILOT (payment in lieu of taxes) money.
The general fund totals $5,452,685 a spending increase of 0.9 percent ($46,497) from the 2011-12 budget of $5,406,188.
The final assessment values in the village for 2012 decreased, and that caused the tax rate to increase from about $5.44 to $5.74 per $1,000 assessed value. That’s an increase of $0.30 per $1,000 assessed, or 5.5 percent.
Property valued at $100,000 will see a tax increase of about $30. Property valued at $150,000 will see a tax increase of about $45. And property valued at $200,000 would see a tax increase of about $60.