RYE BROOK, N.Y. – The Village of Rye Brook Board of Trustees adopted a 2012-13 budget on Tuesday that will increase the property tax cap levy by 0.73 percent. The total expenditure figure in the budget is $18,485,999 while the total property tax levy comes in at $13,198,242.
The budget breakdown shows that the levy increase for homeowners within the village will increase by 0.28 percent and the levy for non-Homestead is set to jump 2 percent. With the average home assessment in Rye Brook totaling $738,000, the total tax burden on the average home would be approximately $3,500, $40 more than last year.
The property tax levy, which is a quarter of the maximum levy the village could charge, was originally proposed at 1.46 percent in Village Manager Chris Bradbury's original budget presentation in March. Bradbury said the maximum increase the village could levy as per the state mandated tax cap was 2.92 percent.
He said the village's ability to generate alternative revenue sources has helped keep the property tax levy down. The 2012-13 budget reports $4.4 million in "other revenues," $550,000 of which will come from the newly implemented hotel tax.
Rye Brook Mayor Joan Feinstein thanked the village staff members for their hard work in creating what she said is a tight budget.
"We had two work sessions and we went line by line and tried to whittle it down," Feinstein said. "We were able to still maintain services while tightening things up."