RYE BROOK, N.Y. -- Rye Brook's village budget is expected to increase by $216,000, or 1.2 percent, to $18.3 million for the 2014-15 fiscal year, which begins June 1.
The property tax levy will increase by 3.8 percent. Under the New York state property tax cap law, each municipality has a different allowable increase in the property tax levy. For Rye Brook this year, the allowable increase was 7.59 percent. This year's tax levy increase is about $484,000 below the maximum allowed.
"This was one of the most challenging budgets we've ever had this year," said Village Administrator Chris Bradbury. Part of the reason for that is the completion of a payment in lieu of taxes (PILOT) agreement with a commercial property on Westchester Avenue. "Last year that property was paying PILOT payments, and they were making PILOT payments of about $650,000 a year. That revenue is lost, but what happens with the loss of the PILOT payments, it now goes on as a taxable property on the taxable portion of the tax roll."
That property, with an assessed value of $66.4 million, will make about $540,000 in tax payments to the village. With the exception of that property, the village's total assessed value is relatively flat. The residential property portion of the tax levy will actually decrease by 0.18 percent, a reduction of about $11 for the average homeowner.
"if you remove that property ... it's actually a slight decrease in the levy, which we're pretty proud of," Bradbury said.
The village is eliminating both hydrant fees and tennis permit fees, as well as a reduction in rental fees and deposits at the Anthony J. Posillipo Center to encourage more use of the facility. The budget also includes about $1.2 million in capital funds, including $500,000 for road resurfacing.
Payments to the village employee retirement system will be about $1.7 million, a $55,000 increase over last year. Bradbury said that is a large portion of the budget, but the year-to-year increase is much smaller than it has been in years past.
The Board of Trustees will hold a public hearing on the budget at its next meeting on April 8 at 7:30 p.m. at Village Hall.