The Bayville Village Board on Monday night approved a 2012-2013 budget with reduced spending but a large increase in the residential tax rate.
The village, however, did not exceed the state’s 2-percent cap on tax levy increases.
“Our goal was to keep it under the 2-percent cap,” Mayor Douglas Watson said Tuesday.
The new budget totals $5,168,602, a 1-percent drop from the current year’s total of $5,223,526.
The tax rate for residential property owners will increase 18.6 percent, from $1.1677 per $100 of assessed valuation, to $1.3852 per $100 of assessed valuation. The commercial tax rate will drop 72 percent from $.9917 to $.2767.
Village administrator Maria Alfano-Hardy said cuts were made across the board to decrease spending to try to offset a drop of more than $200,000 in assessed valuation.