Budget for Perth carries tax hike
PERTH -The town tax rate will go up by 72 cents because of a payment plan for the new town highway garage, Supervisor Gregory Fagan said.
During Thursday’s meeting, the Town Board unanimously approved the town budget for 2014.
According to Fagan, the 2014 budget is $1.33 million, with $798,000 in the general fund and $531,500 in the highway budget. The 2013 budget is about $1.24 million.
The tax rate for 2013 is $3.42 per $1,000 of assessed property value. The 2014 tax rate will be $4.14.
Fagan said paying for the highway garage would be done over five years.
Town officials previously considered looking at the cost of paying off the new garage – which is almost complete – over one year, five years or 10 years.
Fagan said the garage will be paid off over five years.
The town bonded the cost of the garage, Fagan said, with a cost of $383,000 for construction and $7,000 in interest.