The Village of New Hyde Park Board of Trustees recently held a tentative budget hearing via Zoom for the 2021-22 fiscal year. This year’s budget is a proposed total of $6,623,077.08, which is an increase of $239,874.08 from last year’s budget.
The tentative budget for the next year proposes a tax levy of $4,660,399.00, which is an increase of $69,164.00 from last year. Meanwhile, the proposed budget has a tax rate of $23.78 per $100 of assessed valuation, which is an increase of just $0.34 from last year’s budget, or a 1.45 percent increase.
The village’s calculation for the 2 percent tax cap limit projects an allowable tax levy increase of $68,985.00 or 1.48 percent, to be within the guidelines. The tentative budget proposes a tax levy increase of $68,985.00 or 1.48 percent, which meets the 2 percent tax cap limit.
The average assessed household in the village—with an assessed valuation of 5,400—would be required to pay an additional $18.36 a year in village tax. The total village assessment roll as of April 1 was set at $19,622,643, an increase of $6,391 from last year’s $19,587,952. This represents an increase of $1,519.78 in tax revenue.
“This tentative budget was probably the most difficult for us to put together in that the uncertainty of revenue in coming back of what it used to be is really hard to predict,” trustee Donna Squicciarino said during the meeting. “We really tried to create numbers that were the most realistic in terms of revenue and returning to normal. With that we are still coming up short on the budget for this year as well.”
The board is expected to adopt the tentative village budget at its next public meeting on Thursday, April 29.
Residents can view the village’s entire tentative budget on the village’s website at www.vnhp.org.