flag image
Form Wealth Management

Bay budget, levy up, but tax rate expected to decline

November 17, 2010 | 08:58 AM
Williams Bay — The numbers must have looked right, because the Village Board on Monday unanimously approved the levy and budget for 2011 with no comment or amendment.

The only resident to comment during the public hearing was Vernon Choyce, former school board president.

"I thank you for doing a fine job," Choyce told the board.

According to village budget documents, village spending is expected to increase by 5.7 percent ($148,797) from $2,582,606 to $2,731,403 in 2011.

The levy for 2011 is $1,940,326, up 2.6 percent ($50,033) from $1,890,293 levied for 2010.

Property taxes for Williams Bay purposes account for about 17.28 percent of Williams Bay residents' total tax bills, said Bob Carlson, village administrator.

Because the village is still going through a reassessment, the tax rate for village purposes this year, $2.35 per $1,000 of assessed valuation, is still an estimate, Carlson said. Last year's rate was $2.73 per $1,000.

That means, if the $2.35 rate becomes final, the owner of a $300,000 property would pay $705 for village purposes. In 2010, a $300,000 property owed $819 to the village. That's decrease of about 14 percent ($114).

Village income will increase 1.9 percent ($51,220), from $2.62 million to $2,67 million in 2011. However, that will not be enough to cover all expenses. According to the budget, the shortfall will be covered by pulling $54,737 from the village's $1.9 million fund balance.

Comments ()