On Tuesday January 8, 2013, the Northport Village Board of Trustees held a public meeting in order to hear public comment on the Tentative 2013-14 Budget. Immediately following the close of the hearing the board voted unanimously to adopt the budget without changes.
Information to note:
The Village’s fiscal year is not the calendar year; it runs from March 1st to the end of the following February.
The property tax rate for 2013-14 is $59.9 per $100 of assessed value, up from $57.05. This is an increase of 4.97%.
The total 2013-14 budget is $14,110,779.00 of which $10,666,094 will be funded by property taxes (this is the Property Tax Levy). The balance $3,444,685.00 is derived from grants, contracts, fee, fines, sale of surplus equipment and recycling, and so forth, and includes a carry-over of $70,000 from the 2012-13 year budget.
The New York State 2% tax cap is a cap on the Property Tax Levy not the Tax Rate. With adjustments made under the law, the 2013-14 cap on the Property Tax Levy for Northport is 2.78%. This equals an increase of $233,267.00.
The adopted Property Tax Levy will actually increase by $455,396.00 or 4.46%.Thus the budget increase exceeds the tax cap. Of that increase $410,418.00 (a little more than 90%) was composed of mandated increases. In accordance with the 2% tax cap law, the village had voted itself the authority to exceed the cap following a public hearing December 18, 2012