said Mahan, explaining that as a result of discussing the one-time tax with the villages, they would be paying less than residents in the Town.
Residents with a higher assessed property value would be paying more, according to the one-time corrective tax bill which was introduced in both the Senate and the Assembly (S.8496/A.11562) this Wednesday, June 11, the maximum tax for a town parcel will not exceed $500 for residences and could be capped at $7,500 per parcel for commercial property assessed between $4,565,000 and $49,999,999.999, and $15,000 for a commercial property assessed at $49,999,999.99 or higher.
In percentages, that means that the residents in the Town of Colonie would have a tax levy of $1.273 per thousand of taxable assessed value; $1.152 for residents in the Village of Menands and the Village of Colonie; $1.64 for commercial property in the Town of Colonie; and $1.363 for commercial property in the villages.
The bill, which would mandate residents and commercial property owners to pay the tax, was referred to the Ways and Means Committee in the New York State Legislature on Thursday, June 12. Mahan said, should the bill become law, the Town will hopefully receive the funds in October, or worst case scenario, January, totalling an expected $7.5 million.
Also at last night's meeting, the Town Board adopted a measure to have only Town Designated Engineers working on residential and commercial projects throughout the Town.
For more on this story, check back at www.spotlightnews.com, or read the June 18 print edition of the Colonie Spotlight.""