Village of Lake Success trustees voted on Monday night to approve the village’s 2013-14 budget.
The $16,697,727 budget represents an increase of 0.65 percent over the previous year’s budget of $16,590,502.
The tax levy increased by 2.96 percent, from $9,737,099 last year to $10,025,238 this year, an increase that Village Treasurer Akua Bediako said was “right at” the state tax cap. Village trustees had passed a measure earlier in the meeting allowing them to exceed the state-mandated cap, if necessary.
The tax rate for homesteads, or residences, will increase by 3.14 percent, to 5.20037 per $1,000 of taxable assessed value compared to the previous year’s rate of 5.04220. The tax rate for non-residences will increase by 5.02 percent, to 14.226824 per $1,000 of taxable assessed value compared to the previous year’s rate of 13.5463.
The village’s assessed valuation decreased by 0.26 percent — from $1,295,801,306 in 2012-13 to $1,292,425,578 in 2013-14.
The budget year begins in June.