Press-Republican

Local News

June 9, 2013

Lake Placid tentative budget is below tax cap

LAKE PLACID — The proposed Village of Lake Placid budget includes a 2.39 percent tax-levy increase.

The total $3,524,595 tax levy is below the allowed state cap by $10.

Village Treasurer Peggy Mousaw said the total general-fund budget of $5,764,139 is up 5.7 percent from current-year spending.

The estimated tax rate in the tentative budget is $5.96 per $1,000 of real property value, according to the budget worksheet.

The tax rate is up about 21 cents from the current $5.74 per $1,000. 

A public hearing on the spending plan is scheduled for 5:30 p.m. Monday in the North Elba Town Hall.

PROPERTY VALUES

A portion of the rate increase is due to a decline in property valuation, according to Mayor Craig Randall.

The tentative budget worksheet — available on the village website — shows that the taxable assessed valuation of all property in Lake Placid has declined $7,826,826 from last year to just under $592 million.

The actual total real property valuation in Lake Placid last year was nearly $600 million.

Randall has monitored this decrease with each budget since 2009, just after the housing-market crash.

“As in the last four years, the assessment rolls for the Village of Lake Placid continues to show decline, which this year are just under $8 million. That alone adds 7 cents to the tax rate,” he said Friday.

“Even though we had some new growth in the village, as properties are selling, what we’re seeing is that the prices — when they are recorded — are lower than what the assessments would have been eight or 10 years ago. I think that’s a saga that’s going to play out for another year or two.”

OTHER REVENUE

The budget looks to build other revenue sources besides property taxes, Randall said.

“We added $20,000 to the mortgage tax (revenue). It’s just a small increase, but that will come from money collected from the county.”

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