Lake Placid village budget inked under tax cap

Public hearing set for June 4

Members of the Lake Placid village board meet.

Members of the Lake Placid village board meet. Photo by Tim Follos.

— The Lake Placid Village Board plans to keep the 2012-13 village budget under the state-mandated tax cap, according to preliminary figures presented at their Monday, May 21 meeting.

In 2012-13, the amount to be raised by taxes (tax levy) is proposed at $3,389,293, an increase of $56,057 or 1.7 percent. The 2011-12 tax levy is $3,333,236.

The state’s tax levy limit for the village is $3,442,440, an increase of $109,204 or 3.3 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.

Under the state mandate, that gives the village an extra $53,147 to allocate for the tax levy, if board members wish.

The general fund totals $5,368,085, a spending decrease of 0.7 percent ($38,103) from the 2011-12 budget of $5,406,188.

The proposed assessment values in the village decreased by $11,524,454 or 1.88 percent to $601,702,006. That caused the estimated tax rate to increase from about $5.44 to $5.63 per $1,000 assessed value. That’s an increase of $0.1973 per $1,000 assessed, or 3.6 percent.

Property valued at $100,000 will see a tax increase of $19.73 Property valued at $150,000 will see a tax increase of $29.60. And property valued at $200,000 would see a tax increase of $39.46.

The village will hold a budget hearing on the tentative 2012-13 budget at 5:30 p.m., Monday, June 4.

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