Although total spending will increase in the 2007 adopted budget by 3.0%, Town of Lancaster property owners will only see a tax increase of a penny per thousand of assessed property valuation.
Village of Lancaster and Village of Depew property owners will see a decrease in their town taxes of 11 cents and 3 cents per thousand assessed valuation respectively.
When announcing the new budget tax rates Supervisor Robert Giza presented the following example:
Town residents living in a single-family residence assessed at $100,000 will now pay $900.42 in total town taxes, whereas they paid $899.41 in the 2006 adopted budget – an increase of $1.01 (0.11%).
Village of Lancaster residents living in a single residence assessed at $100,000 will now pay $597.42 in town taxes, whereas they paid $608.41 in the 2006 adopted budget – a decrease of $10.99 (-1.81).
Village of Depew residents living in a single residence assessed at $100,000 will now pay $239.00 in town taxes, whereas they paid $242.00 in the 2006 adopted budget – a decrease of $3.00 (-1.24%).
Giza’s example excludes properties that were reassessed in 2006 – increased or decreased.
In total, Ad Valorem and Special District budget spending did increase by 3.0%:
2006 Adopted Budget $24,542,314
2007 Adopted Budget of $25,280,837
Increase of $738,523 (3.0%)
Spending costs were offset by estimated increased revenues of $314,000 and by an increase in total property valuation of $97,256,842. The board was asked whether they had information on what percentage of the $97,256,842 was derived from property revaluations (reassessments). The board did not have that information.
The budget was drafted without any cuts in services.
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