Potsdam Town Council approves $4 million budget for 2018; expected tax rate increase of nearly 11 percent
By CRAIG FREILICH
POTSDAM -- The Town Council Wednesday approved a $4.048 million 2018 budget, 5.6 percent higher than the current budget and an expected tax rate increase of nearly 11 percent.
The town tax on a property in the Village of Potsdam valued at $100,000 will be $296, compared with the $266 in 2017. A $100,000 home outside the village will total $422.30, $41 more than in 2017, a 10.5 percent increase..Most of the additional taxes property owners outside the village pay is for fire protection, which is included in the village property tax bill for those residents. Village of Potsdam taxes on a $100,000 property are currently $1783.99.
The amount of money overall to be raised by property taxes is up 11 percent, from $1.872 million in 2017 to $2.079 million in 2018, an increase of $207,250.
Highway costs are up 6.6 percent to $1.2 million in the 2018 town budget, while general expenses increased 7.1 percent to $1.1 million.
The town is using $65,000 from the fund balance this year, $50,000 less than last year’s $115,000 draw.
The tax base – the total value of property assessments in the town – is pegged at $557.7 million, up from $555.1 million in 2017.