FORESTVILLE – Property owners in Forestville will see their taxes go up by 112 percent.
According to a report in Wednesday’s Jamestown Post-Journal, The Forestville Village Board held a meeting Tuesday to vote on the 2014-2015 budget, and to also accept a $150,000 loan from Chautauqua County.
Earlier this year, the village found itself in financial dire straits after failing to pay two loans totaling $400,000. As a result, the property tax levy was projected to increase by 445 percent. However, last week the county legislature approve a loan for the village, totally $150,000 and to be paid back within five years at 3 percent interest. As a result, the village was able to reduce its tax increase to 112 percent.
The newly approved budget calls for a tax rate of $10.87 per thousand assessed value, just over double the current year’s tax rate of $5.13.
In the coming weeks and months, village, town of Hanover and county officials are expected to begin the effort of looking into the possible dissolution of the village.