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Proposed Norwood budget would lower village taxes

Posted 3/12/15

NORWOOD -- Norwood Village Clerk Susan Bartlett says taxes will go down, if the tentative 2015-2016 village spending plan is approved. The village board will hold a public hearing and vote on the …

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Proposed Norwood budget would lower village taxes

Posted

NORWOOD -- Norwood Village Clerk Susan Bartlett says taxes will go down, if the tentative 2015-2016 village spending plan is approved.

The village board will hold a public hearing and vote on the proposed budget on March 16. The hearing will be at 4:45 p.m. in the Norwood municipal building. The public can view the proposed budget in the clerk’s office during business hours until the hearing.

The proposed tax rate is $10.35 per thousand dollars of assessed value. That means the owner of a $50,000 piece of property would be billed $517.50. The owner of a $100,000 property would owe $1,035.

The proposed tax levy is $505,100.

The tentative budget includes a $3,976 mayor’s salary and $2,272 trustees’ salaries. There will be no water or sewer rate increases, if the budget passes as it is currently written.

Bartlett says the village has lowered taxes since 2008.

“In 2008 the tax rate was $15.41 per thousand … In 2008 the tax levy was $576,086,” Bartlett said. “Since the 2012 budget the tax levy is lower by 17.5 percent and the tax rate is lower by 28 percent.”

Barlett said Norwood Mayor Jim McFaddin gives credit to employees, who have significantly reduced maintenance costs.

“The energy savings program undertaken the past five years that made village buildings more energy efficient, residential and business growth recently,” Bartlett said. “Also employee’s willing to accept modest wage increases, the new tentative budget has a 1 percent wage increase, workmen’s compensation costs are also lower.”