Canton village budget proposal would increase tax rate 1.5 percent
By ADAM ATKINSON
CANTON – The proposed village budget for the 2018-2019 fiscal period calls for a 1.51 percent increase to the 2017-2018 village property tax rate.
The rate increase will mean a hike in taxes of 15 cents per $1,000 of assessed property value for village property owners, from $10.23 per $1000, to $10.38 per $1,000.Village Mayor Mike Dalton points out that the preliminary fiscal plan for the municipality for the coming year calls for an increase in the tax levy of 1.98 percent, or $32,872 compared to last year’s levy.
“This places the village just under the 2 percent tax cap which is a true 2.0 percent this fiscal year,” wrote Dalton.
Canton is planning for a total appropriation for the coming year of $6,506,935, which will be offset by revenues of $4,772,390.
Total tax revenues to be collected are $1,690,045.
The 2018-2019 budget uses $44,500 of the village’s fund balance to offset revenues required from taxes.
Taxable assessments increased by $761,553 or .47% over last year, said Dalton. Of the total assessed value of property, $482,883,411, in the village, $320,136,341 or 66.3% is exempt, Dalton said.
“This Preliminary Budget proposal includes a 2% increase in the Village water and sewer rates and a 1% increase in the rural water and sewer rates. We will continue to monitor expense vs. revenue due to several large projects in the planning stages,” Dalton said.
Payroll costs are estimated to be 33% of the 2018-2019 budget, and benefits 22%.
The village’s preliminary 2018-2019 budget will be presented at a public hearing Monday, April 16, at 6:15 p.m. The board is expected to adopt a local law approving the tax levy at their regular meeting later that evening.
The village board is required to adopt a budget by May 1.
For more information, visit cantonny.gov.