Lebanon town board members finalized a proposed 2010 town budget that will reduce the local tax levy by $406 or less than a tenth of a percent following a budget workshop Monday night, according to Town Supervisor Jim Goldstein.
Town board members Steven Wilcox, Lois Hartshorn, Marie Morgan and Goldstein reviewed the proposed town budget line item by line item, and discussed budget projections with bookkeeper Elaina Morgan and Highway Superintendent Alex Hodge.
The original tentative budget had considered a 1-percent increase in the local tax levy but Supervisor Goldstein had predicted that he anticipated town officials might find an opportunity to keep the property taxes flat.
Town officials agreed with the recommendations by Goldstein, also the town budget officer, to apply $5,000 in additional sales tax projected by Madison County Treasurer Cindy Edick against the tax levy with no additional increases. The tentative budget had contained more conservative sales tax projections awaiting final numbers from Madison County that were verified last week.
Goldstein said he had anticipated the opportunity might exist to hold the line on taxes once additional information on anticipated expenditures for 2009 and 2010 were available, along with revenue sources including sales tax.
The 2010 proposed budget will have a tax levy of $363,766 compared to $364,172 last year, the projected tax rate will be approximately $4.64 per $1,000 of assessed valuation compared to $6.265297 per $1,000 this year, a reduction of about 26 percent in the town property tax rate.
Goldstein said the tax rate was $7.13 per $1,000 when he took office in 2010. He said the average $100,000 home in Lebanon will pay about $464 in town property taxes this year and acknowledges the tax levy is flat to account for the assessment revaluation increase this past year.
Goldstein said that a public hearing on the proposed 2010 Town of Lebanon budget will be held at 8 p.m. Thursday Nov. 5 at the town office, 1210 Bradley Brook Road in the hamlet. Copies of the proposed budget will be available through the town clerk's office for review by the public upon request, and will also be available at the public hearing.