Albion village taxes will increase 2.6%
Tax rate climbs from $16.37 to $16.86 per $1,000
ALBION – The Village Board approved a $6.3 million budget on Wednesday that will raise taxes 2.6 percent and will allow the village to upgrade some infrastructure.
“We’re still able to do some very nice public works projects with streets and drainage,” Mayor Dean Theordorakos said after the budget was approved tonight.
The board approved taking $300,000 from its reserve fund and pursuing a $100,000 bond to tackle some drainage and road maintenance projects. Trustee Fred Miller cast the lone negative vote for the budget. He didn’t like to see the village borrow for road work.
“You’re pulling out your credit card,” he said.
But the mayor said it’s not uncommon for the village to borrow to get some infrastructure projects done. The biggest project will be milling and repaving West State Street.
“We’re improving our infrastructure to make it more livable,” Theodorakos said.
The village may pursue a bigger state grant for sanitary sewer work on Crimson Drive and East State Street, or it may seek a grant for a sanitary sewer, water main, storm drain and road rebuild on a portion of East State Street.
The village’s overall budget – general, water and sewer funds – totals $6,272,510, which is down from the $6,538,637 in 2012-13. The village will levy $2,419,975 in taxes, which is a 2.6 percent increase or $60,371 more from the $2,359,604 collected in 2012-13.
The budget includes $10,000 for economic development. That money isn’t allocated for a specific project. The board opted against designating the money for the Albion Main Street Alliance, as it did the previous four years, but Theodorakos said the money could go to the group once a contract is worked out.
The village tax rate will go up 3.0 percent or 49 cents per $1,000 of assessed property. It will increase from $16.37 to $16.86.
The village saw its overall assessed value drop $608,407 to $143.5 million. That is pushing the tax rate higher. The previous year the assessed was down $420,688 to $144.1 million. The tax rate went up 45 cents to $16.37 in 2012-13.
The village of Medina also is struggling with shrinking assessments and a rising tax rate.