Norwood village budget will raise taxes about 1 percent, most residents should pay less than last year
NORWOOD -- The Village of Norwood has arrived at a budget for next fiscal year that is up by about one percent, while most residents will be paying less.
The tentative 2014-15 budget will be reviewed at a public meeting at 5 p.m. Tuesday, April 15 at the Norwood Municipal Building.The tax levy in the new budget increased from $495,791 to $508,793, up $13,002 or slightly more than one percent, but $76,930 below the allowable New York State tax cap limit, according to Mayor Jim McFaddin.
Most village residents will see a tax decrease in the new budget. The tax rate in the village goes down from last year’s $11.64 per thousand dollars of assessed value to $10.35 this year. But if a resident’s assessment has gone up $10,000 or more in the meantime, they may see an increase in their taxes, McFaddin said.
“The lower tax rate is due to total assessed value increase and control of expenditures thanks to village employees,” McFaddin said.
“Our village employees and board members have focused on lowering taxes in Norwood Village with much success in recent years,” the mayor said.
“Village employees deserve much credit as they agreed to zero percent to one percent pay increases, and they agreed to do most mechanical, building and maintenance work which includes fire department equipment, lowering those costs. The renovations of the municipal building resulted in much lower energy costs plus the public is again using the facility for many parties and community dinners. A grant has improved our police department services. High Worker Compensation costs incurred by the fire department is a concern and increased safety training is being offered to reduce exposure to accidents.” McFaddin noted that a $1,000 increase in worker compensation cost comes at the price of delaying the cleanup of the old elementary school and developing a rail museum.
The mayor noted that the small increase comes on the heels of a 20 percent reduction in 2013.
“We are collecting less tax from residents next year than we did for example in 2008 when the tax levy was $576,086.05 compared to $508,793 this coming year.”
The public is invited to comment on the budget at the public hearing April 15.