By staying within the property tax cap, the budget preserves the State Tax Relief Credit for homeowners. As a result, depending on the household income level, Yonkers residents can expect to receive $724 to $1,026 in tax credit relief. Last evening's vote includes an increase in the property tax levy of 1.95%. A typical one-to-three family home at the median assessed value of $11,200 would see their annual property tax bill increase by approximately $305, or $25 per month.
The 2020 Adopted Budget also contains a record $12.1 million increase in the City's contribution to the school district. Additionally, the budget relieves $750,000 worth of expenses from the Yonkers Board of Education which increases the city's total contribution to schools to nearly $13 million. Despite the record increase in the City's school funding, the School District still faces a $12.12 million shortfall because Yonkers continues to receive far less school funding from the state government than the state's other large cities.
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Mayor Spano commented, "While our schools are still underfunded by the state formula, we continue to work with our state delegation to close the historic funding gaps. In the meantime, the District will work within the allocated budget so that our students, teachers, administrators and staff can still work efficiently and effectively."
"Yonkers faces its annual budget challenges and this year was no different, but by working together with our City Council, we are preserving state tax relief credits and quality services for our residents, and making historic investments in education so we can keep moving Yonkers forward," Mayor Spano added.
• Stays .5% below state-mandated tax cap which preserves State Tax Relief Credit for homeowners, resulting in $724 to $1,026 in tax credit relief, depending household income level
• Includes largest increase in aid in city history to Yonkers Board of Education with nearly $13 million
• Provides $67 million for Board of Education infrastructure repairs and construction
• Provides $8 million for road repaving and construction
• Maintains city services and municipal positions
• $1.219 billion total budget
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