Albion approves $7 million village budget with 3.2% tax increase
ALBION – The Village Board on Friday passed a $7,153,178 budget for 2022-23 that will increase taxes by 3.2 percent.
The tax levy – what the village collects in taxes – will increase from $2,761,524 to $2,851,056. The tax rate will go up from $17.85 to $18.46 per $1,000 of assessed property.
The budget includes $4,106,279 in the general fund, $1,797,521 in the water fund and $1,249,377 in the sewer fund.
The tax increase is below the state-imposed tax cap by $14,476, partly because the village was able to carry over $42,901 from previous budgets that were below the tax cap, according to the budget documents.
Mayor Angel Javier Jr. is taking a $1 salary which reduced the mayor’s budget expense by $10,322, and Trustee Tim McMurray is only taking a dollar, cutting that expense by $6,176.
The village fiscal years starts June 1 and ends May 31. The budget won’t include any of the new changes in assessments. In this budget, the village’s total tax base actually decreased by $249,927 – from $154,707,229 to $154,457,302.