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The proposed budget, unveiled last month, would include a tax rate increase of 3.52 percent—a rise of $121.98 annually per resident.
Although the proposed budget would register a 2.55 percent tax levy — the amount of property tax revenue collected — that would appear to be over the state-mandated tax levy cap of 2 percent. But exemptions such as carried-over funds from 2012-13 and pension costs would allow the budget to squeeze under the state-mandated cap.
As for non-property tax revenue, the village expects to raise just more than $6 million through sale taxes, permits and rental incomes.
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