Municipal tax rate to decrease slightly – Star News Group

LAKE COMO —  The 2023 fiscal year municipal budget of $3M was introduced during the borough council meeting Tuesday night. \

This year’s total municipal budget had an increase of $216,494, which is a total rise of 6.79 percent. This is primarily due to the cost of living increase noted Council President Douglas E. Witte. 

On the other hand, Lake Como’s municipal tax rate will be decreasing from .4604 to .4528 per $100 of assessed value, a reduction of 1.64 percent. 

“If you have a house and your property value did not change, your taxes most likely will be going down,” said Mr. Witte. “If your property value increases, you’ll see a small increase in your taxes.”

Mayor Higgins said inflation is overtly affecting local spending, but he is happy with the budget. 

“Along with those values are taxpayers and residents are looking for services that are commensurate with the increase of those values,” said Mayor Higgins. “And I think this budget outlines the services that we can and will provide to our citizens, to our residents.”

At the second council meeting of the month, scheduled for Tuesday, May 16 the council will invite its financial advisor for any questions residents may have during a public hearing.

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