Property Tax Increase Likely for Owego Residents

By Michelle Costanza

Property Tax Increase Likely for Owego Residents

November 5, 2012 Updated Nov 6, 2012 at 12:31 AM EDT

Town of Owego, NY (WBNG Binghamton) Residents in the Town and Village of Owego could be looking at a property tax increase of over 7 percent.

Under the proposed 2013 budget, the rate is expected to rise by 7.25 percent.

Several adjustments have been made to the budget, many due to increased spending projections.

One of the major reasons for this can be attributed to recent damaging weather events. Floods, hurricanes, wind, and tornadoes have all posed problems for the town and have placed strain on the financial situation.

"We're looking into the future and trying to mitigate issues that, next time we do have a flood, we're not going to be in such a poor position, and we've done a lot of that already," said Town Supervisor Donald Castellucci Jr.

Under the new 7.25 percent increase, the average village homeowner will pay $4.43 more than they paid this year.

A resident living outside the village is expected to pay an average of $23.58 in total additional taxes next year.

"People get caught up in the percentages, but when you really look at the numbers, it's not a lot of money in terms of the big picture. When you see percentages like 7 percent, people will get up in arms, but I think they realize what we've been dealing with, and I know that they see some results and I'm hoping that they understand the cost that comes with dealing with that," added Castellucci Jr.

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