New Hyde Park Village Board Adopts Budget Meeting Tax Cap

The New Hyde Park Village budget for the 2012-13 fiscal year looked slightly different Tuesday night during the regular meeting of the village board then what the trustees had first introduced at an initial  April 2 at the .

“Basically when we had had our tentative budget hearing we were about $19,000 shy of staying within the new state law of the 2 percent tax cap,” Trustee Robert Lofaro said. “We have, since the budget hearing, gotten some more information about our insurance as well as some some other expenditures that we were able to make some adjustments.”

Village residents will see a rate which is lower than what was originally proposed because the village was able to find ways to trim even more off the 2012-13 fiscal budget.

“I am pleased to say that this years budget is within the 2 percent tax cap limit that is mandated by the state,” Lofaro continued. Originally, the total appropriation for the 2012-2012 fiscal year was $5,842,985.18 but now stands at $5,821,635.16, a decrease of about $21,000.

The tax levy cap for the village is 2.49 percent, due to exclusions which can be made in the calculation formula. The board had voted to allow itself to override the cap if necessary.

The village’s tax levy increased by $99,799.39, which comes in exactly at 2.49 percent. The tax levy amount presented on April 2 was $4,001,149.63 but now stands at $3,979,799.61. The updated budget calculates a tax rate of $20.08 per $100 of assessed valuation, which is a $.55 increase, $.11 less than what was originally proposed.

The tax increase for the average household would go up $29.70.