LAKE PLACID — Noting a small decrease in the assessed property values, the town council voted Monday to set the tentative 2014-15 millage at the current 2013-14 rate of 3.65.
With the town’s property values declining about $1 million, to generate the same tax revenue the tax rate would have to be increased to the rollback rate 3.672 mills.
Councilwoman Arlene Tuck said the town may have difficulties balancing the budget with a tax rate lower than the rollback rate.
Addressing Tuck, Councilman Ray Royce said the rollback rate is very close to the current millage, which indicates the 2014-15 ad valorem valuation is extremely close to the 2013-14 level.
Town Administrator Phil Williams said the lower assessed property values would reduce the town’s revenue by about $5,000.
Last year, under similar circumstances, money was taken from the reserves to balance the budget, but that money hasn’t been used, he said.
Royce recommended, and council approved, a tentative tax rate $3.65 per $1,000 of assessed valuation.
The town has scheduled the following budget workshops at 5:30 p.m.:
July 23 - Utilities (water and sewer).
Aug. 7 - Public Works (sanitation, cemetery, recreation and streets) and Public Safety (police).
Aug. 28 - Administration and any revision for Utilities, Public Works and Public Safety.
Sept. 8 - Presentation of all final revisions and budget adoption.