The Southampton Village Board unanimously adopted a $27.2 million spending plan for next year that remains under the state cap on tax levy increases.
The $27.2 million budget represents an increase of $456,391, or about 1.71 percent, over the current year’s $26.7 million spending plan. At the same time last week, the Village Board approved levying $21.4 million in property taxes from village residents, an increase of $792,051, or 3.8 percent, over the current year’s $20.6 million levy.
The village is projecting a tax rate of $18.729 per $100 of assessed valuation next year, an increase of $0.29, or 1.6 percent, over the current year’s rate of $18.438 per $100. Southampton Village Administrator Stephen Funsch explained that because properties in the village are not assessed at fair market value, taxes are determined at a 4-percent difference, meaning that 4 percent of a home valued at $500,000 would be $20,000. That figure is used for the per $100 amount. The owners of a home valued at $500,000 would pay $3,745 in property taxes for next year, an increase of $58 over the current tax bill of $3,687.
“It is a good process because we get to go back to each department and set goals for next year,” Mayor Mark Epley said of preparing a budget. “Each February, the trustees come in with a presentation on the different departments that we manage. As you develop those goals it helps with the budget process and makes the departments more accountable.”
While the Village Board has already voted and approved the budget for the 2015-16 fiscal year, which starts on July 1, residents still need to cast their votes in the village election. This year, Mr. Epley and trustees Nancy McGann and Bill Hattrick are all up for reelection. No new candidates have come forward, but petitions can be picked up at Village Hall until May 16. The village election will be held on Friday, June 19, from 9 a.m. to 9 p.m. at the Cultural Center on Pond Lane.