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Sag Harbor Village budget raises spending, but not tax rate

The $10.9 million spending plan carries a $563,656 expenditure increase over the previous year, or 5.45 percent, according to a draft copy of the budget.

Rising real estate values in Sag Harbor Village have allowed officials to present a proposed 2018-19 budget that raises spending, but not the tax rate.

The $10.9 million spending plan carries a $563,656 expenditure increase over the previous year, or 5.45 percent, and does not pierce the state cap on tax levy increases, according to a draft copy of the budget.

The total assessed value of properties in the village has risen to $2.56 billion, up from about $2.4 billion in 2017-18. The tax rate will decrease from $2.739 per $1,000 of assessed value to $2.724 per $1,000. That means a homeowner with property assessed at $795,000 can expect to pay $2,165.58 in village taxes, down from $2,177.51 However, if their property value increases, that savings will be lost.

One of the largest increases in spending is for employee benefits, which is projected to rise from a projected $2,712,611 million to $3,222,347 million, a $509,736 or an 18.79 percent increase.

The board is expected to adopt the budget at a later date, although the plan can change slightly before then.

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