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New Castle Town Board Approves 2013 Budget

Town Board members backed a budget that calls for a roughly 2.14-percent tax levy increase and a roughly 3.25-percent tax rate hike.

New Castle Town Board Approves 2013 Budget New Castle Town Board Approves 2013 Budget

Without a fuss, New Castle's Town Board unanimously approved a 2013 budget at its Tuesday night meeting.

The budget includes a tax levy increase, which represents the total amount of property tax revenue, of about 2.14 percent ($19,752,495). It stays under the tax levy cap, which is the lesser of 2 percent or the inflation rate, because of an exemption that allows for use of a "growth factor" number to take into account changes to the tax base.

The tax rate, which is the amount of money owed per $1,000 of assessed property value, is set to increase by about 3.25 percent. The rate is not subject to a cap.

On average, according to Town Administrator Penny Paderewski, a New Castle taxpayer has an assessed property value of $172,309, and could see a town tax bill of $2,354.65. Town taxe, typically are only about 10-15 percent of a property owners total tax bill, she explained at a recent meeting, with most of it going to school taxes.

The new fiscal year starts on Jan. 1, 2013 and is the same as the calendar year.

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