At a special Town Board meeting, Colonie Town Comptroller Craig Blair presented the supervisor, town board members, and public with a tentative 2009 budget that represents a total of $86.9 million and a 3 percent tax increase for homeowners.
Supervisor Paula Mahan said that she was \jumping for joy that the town could present residents with only a 3 percent increase over last year's budget, and one that represents a 5.3 percent decrease over the actual expenses of 2007 that totaled $91.8 million.
The 3 percent increase for homeowners represents $2.80 per thousand of assessed value, so, for an average home assessed at a value of $140,000, the property tax would be increased by $11.20.
Also in the tentative budget is the much disputed one-time corrective tax, which the supervisor said should generate nearly $6 million to pay off the town's deficit. As of last month, the deficit was pegged by the town's auditors to be $19.4 million.
For the one-time tax, both homeowners and commercial property owners would be taxed $1.00 per thousand of assessed value, having 93 percent of residents in the town paying below $250.
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