Altamont’s 2025-26 budget up 7.5%, taxes up 2.25%

Wednesday, April 16, 2025 - 16:57

ALTAMONT — The village’s board of trustees on April 8 adopted a $2.7 million budget for next year that is up 7.53 percent from this year’s $2.5 million adopted spending plan.

The tax rate for 2025-26 is set to increase 2.25 percent, from about $2.20 per $1,000 of assessed value to $2.25 per $1,000. The corresponding tax levy will increase from $329,271 to $338,976. 

Examples provided in the adopted budget show a home with a full-market value of $443,000 paid $973.79 in village taxes this year; next year, that number will be $995.68, an increase of 21.89. A home with a $241,000 full-market value will see its village taxes go up about $12, from $529.76 to $541.67. 

The three pots of money that make up the village budget are set to go up next year: 

— The general fund is increasing about 11.25 percent from about $1.48 million to $1.64 million, with approximately $332,000 in fund balance being used to close the gap between revenues and appropriations; 

— The water fund is set to increase about 2.3 percent, from $449,300 to $459,525, and uses about $73,200 from the fund balance; and 

— Sewer costs are anticipated to increase about 2.1 percent from $572,100 to $584,200, while the village will tap its rainy-day sewer account for about $44,200 to cover appropriations.

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