March 20, 2017
HORNELL, NY – A public hearing and budget presentation took place this past Saturday and it was revealed that the city plans on a 1.6% tax increase. Hogan said that by raising taxes 1.6%, the city is only generating an extra $46,000 in new revenue.
The reason that the city has to override the 2% tax cap is that a substantial amount of money was added to the city’s total assessed value. Last year the assessed value was $247 million and this year it is $258 million. “In the last few years, our total taxable value has gone up substantially, and in this part of rural western New York that is unheard of,” explained the Mayor.
According to Hogan, in order to stay under the cap the city would have to cut its budget by over $80,000. Next Monday night (March 27th) there will be a quick special meeting to override the cap and then a vote to pass the budget.