Schenectady County

Colonie deficit tax to cost about $250 per property

The one-time deficit tax residents would pay to help bridge the town's financial deficit will be les

The one-time deficit tax residents would pay to help bridge the town’s financial deficit will be less than $250 per property owner, according to a town proposal that is now before the state Legislature.

Town officials said that about 90 percent of homeowners would pay less than $250, with the average levy being $155. Commercial property owners would pay about $533.

The state Legislature must approve the proposal before the town can impose the tax.

The town has proposed the tax to help reduce a $18 million budget gap discovered by town officials and an audit by the state Comptroller’s office.

“It’s not a decision I’ve taken lightly to pursue the one-time deficit reduction tax, but this solution, when combined with the aggressive cost-cutting measures and new revenue sources, will enable us to get the town back on its feet,” town Supervisor Paula Mahan said today.

Mahan first announced the possibility of a one-time tax a couple months ago, saying most residents would pay an average of $250. Other cost-cutting measures, including the sale of the town’s ownership stake in Heritage Park to Albany County, allowed the town to reduce that amount by $95.

If the Legislature approves the tax, the proposal would go back to the Town Board, a public hearing would be held and the tax could be levied in October, according to town officials.

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