2008 NIAGARA COUNTY BUDGET PROCESS
Niagara County is currently in the process of planning the 2008 budget. The budget process began in April and will end in mid-December. For planning purposes only at this stage of the process, Niagara County is targeting a County cost (expenses less revenue) increase not to exceed 3% for County Services.
The County is projecting and planning for changes in mandated, contractual, state, and federal funding. The County is considering projected changes in sales tax and other revenue sources. The County is considering tax shifts. The County finds the AES PILOT tax shift will not increase County expenditures but will increase County revenues. The AES revenue will be incorporated into the County's budget after the 3% County cost goal is achieved during the initial round of County budget work. The formula to calculate the AVERAGE Tax rate is:
County Tax Levy / County assessed taxable valuation
The County has been asked at this early planning stage what the County tax impact will be on a $100,000 home. The County's answer is an approximate $30 increase on average. The bases for this statement are:
- No increase in the County's assessed taxable valuation;
- State mandated cost increases (i.e. Medicaid alone $1,138,627);
- Contractually required cost increases; and
- Anticipated projected revenues for County services
The actual increase on a $100,000 home will be determined when final assessments on properties within the County are calculated and received by the County. The County could then determine the average tax rate for a $100.000 home. The final tax rate will vary based on the equalization rate given to each town and city. The County has experienced generally a modest growth in construction and increased valuation on properties.
The County is in the first stage of preparing a sound budget based upon a prudent spending plan. The apportionment of the tax levy associated with the prudent county spending plan will continue to be apportioned to all cities and towns based upon the formula required by New York State (NYS) Real Property Tax Law that employs current assessment roll information and NYS equalization rates.