The Tarrytown Budget is also adopted for 2014-2015. With a property value assessment of $51,041,096, the final tax rate for the 2014-2015 budget is $295.77 per $1000 of assessed valuation. The percentage of increase is 3.5% over last year. Salaries for elected officials remained the same as last year with no increase. $913,881 from Village surplus funds, capital and debt service reserve were used to offset taxes from the General, Library and Water Funds. Total General Fund revenues are anticipated to be $6,845,743 and expenditures are $22,108,173. After applying $600,000 in surplus funds the net tax levy is $15,262,430.
In his March 20th letter to the Mayor and Board of Trustees, Village Administrator Mike Blau wrote, “Since the economic downturn which first impacted the Village budget for Fiscal Year 2009-2010, the Village has trimmed departmental budgets and only those costs which are required by union contracts or which are beyond the control of the Village (electric, gasoline, health insurance, pensions, etc.) have been increased. The development of this tentative budget reflects the same framework as previous budgets – the maintenance of services to our residents that they have come to expect with the minimum tax increase to pay for those services. This tentative budget does not include any decrease in the staffing levels within the Village government.”
Also noted in this letter, a decrease in the assessment roll for 2014-2015 totaling $342,125 equated to an actual loss in taxes of $97,772, which increased the tax levy by 0.665%. Mr. Blau stated that, “Recouping the actual loss of tax dollars represents the largest single component of the proposed tax rate increase in the tentative budget.”
Each Village has a tax levy (budget expenses minus revenues) used to calculate the tax rate. To calculate the tax increase for your property, multiply the tax rate by your property’s assessed value, minus any exemptions, i.e., STAR, Senior citizens, Veterans, etc. The final tax rates for 2014-2015 are: Irvington – 1.99%; Sleepy Hollow – 5.5805% for homestead properties (1-3 family) and 6.4954% for non-homestead properties (4 fam.+ and commercial); Briarcliff Manor – 2.56%; Tarrytown – 3.5%.
