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Lattingtown Village approves ability to exceed state tax cap
The Lattingtown Village board on Thursday approved a waiver allowing it to exceed the state’s 2 percent cap on tax levy increases in preparing its budget for next year.
“We did this in case we need it, which I suspect we will,” Mayor Clarence F. Michalis said Friday.
He said the budget won’t be completed until next month but years of annual drops in property assessed valuation for the village could force an increase in the tax levy beyond 2 percent.
He noted that the village’s total assessed value has dropped from $14.9 million in 2003 to $2.1 million now.
“We have to raise the same amount of money to run the village so we have to raise the taxes,” he said. “Every village is confronted with this problem. I don’t know when it’s going to stop. It’s ridiculous.”