As government entities like the , and others are feeling the squeeze of tight budgets, it's no different for the village of Bayside.
The Village Board has approved a $9.7 million budget for 2012, which is an 18 percent increase over last year's $8.2 million budget. That increase is attributed to the . However, those costs will not be passed onto taxpayers.
"Whatever additional increment we are taking on in dispatch cost is being funded by our contracts with the six other communities," Village Manager Andy Pederson said. "While our expenses are going up, the cost to the Bayside tax payer is not going up at all."
The village's property tax levy for 2011 is $4.4 million, which is the same as last year. That breaks down to a tax rate of $7.07 per $1,000 of assessed value, up from last year's rate of $6.74 per $1,000 of assessed value.
However, that breakdown will affect residents differently depending on how the economy has hit their home value.
The average assessed property value in Bayside is down by 4.92 percent this year, so while the tax rate is increasing this year, a homeowner who has lost value on their home may actually see a decrease in their taxes. Here's an example:2010 2011 Average Assessed Home Value
$356,310 $338,769 Rate $6.74 $7.07 Taxes $2,401 $2,395
For a home valued in 2010 at $356,310, that property owner would have paid $2,401 in taxes. However, if that home lost the average 4.92 percent in assessed value for 2011, while the rate has gone up, their taxes would go down to $2,395.
"That's the average, if you have a 10 percent decrease, your taxes are going to go down, but it's a catch 22, you don't want your house to lose value," Pederson said.
The sanitary sewer and stormwater fees are also increasing to $533 annually, which is broken down to a $1.42 monthly increase for sanitary sewer service and a $1.17 increase monthly for stormwater management.
In his report to the board, Pederson said these increases are needed to address major infrastructure investments and offset the debt service on previous infrastructure investments.
Pederson also noted that revenue from the state, which represents 16 percent of the village's revenue, has been cut by 11.5 percent, bringing that money down to $71,633 for 2012.
Taxes are the largest source of revenue for the village, representing 75 percent of its revenue.
Property tax bills are scheduled to be in resident mailboxes by mid-December with the first payment due Jan. 31.
Editor's Note: This story was updated at 5 p.m. Nov. 8 to reflect updated information from the village.