MOUNT KISCO, N.Y. -- Mount Kisco's proposed 2015-16 village budget will stay within the state-mandated cap on the property tax levy.
The budget calls for raising the levy, which is the total amount of property tax revenue to be collected, by $292,578, or nearly 2.03 percent. The overall levy would rise from $14,439,421 for the 2014-15 budget to $14,731,999.
The cap is the lesser of two percent or the rate of inflation, although there are exemptions that allow for the number to be higher.
This year's cap figure, which was handed down from the state, is 1.68 percent. However, Mount Kisco is technically compliant because of exemptions including a figure called the growth factor, which is used to include a changing local tax base, and a carry-over number, which is the difference between what the village's maximum allowable levy increase was for the current budget year and what it ultimately chose to go with.
Meanwhile, the tax rate, which measures what taxpayers owe per $1,000 of assessed value and is not capped, is proposed to rise by 3 percent, to $97.6911 per $1,000 assessed value. However, this number is only for the village's General Fund.
The extent of the rate increase is driven by a sharp reduction in taxable assessed property value across the village, which dropped by $819,664, according to data provided by the village.
Interim Village Manager Gennaro Faiella presented the proposed budget on Monday at a Village Board of Trustees meeting. He attributed the drop in taxable value to property owners challenging their assessments.
Total General Fund spending would rise by $240,326, or 1.16 percent, from about $20.7 million to roughly $20.9 million.
Meanwhile, the proposed budget has cuts for spending in the Library Fund, Water Fund and Sewer Fund. The reductions are, respectively, by $20,466 (1.12 percent), $337,237 (6.72 percent) and $104,618 (10.58 percent).
Faiella presented what the average taxpayer's burden would be, based on an average market value of $400,000 and an average assessed value of $36,000. The budget, using the aforementioned figures, would mean an average increase of $103 and a total village property tax bill of $3,517.
The proposed average village figure would only represent 34 percent of a total property tax bill. The average school tax figure is $5,307, or 51 percent of the total bill, while the county tax figure is $1,539, or 15 percent.
The new budget must be adopted by May 1, Faiella noted, for the fiscal year beginning June 1. Board members voted to adjourn a public hearing on the budget and continue accepting written comment on it.
Video of Faiella's full presentation can be viewed here.