LAKE PLACID — The village of Lake Placid’s tax rate will be 34 cents lower than previously expected for the 2024-25 fiscal year, coming in 20 cents lower than the 2023-24 tax rate, because of a miscalculation of the village’s tax rolls.

The village’s $7,223,058 budget, which clocks in at $558,718, or 8.38%, higher than last year’s $6.6 million budget, remains unchanged. But, residents will see some tax relief.

village Treasurer Mindy Goddeau said.

Instead of the tax rate increasing by 14 cents to $4.74 per $1,000 in assessed value for 2024-25, the rate will decrease by 20 cents to $4.40 per $1,000 in assessed value. This means that a person with a $400,000 home in Lake Placid could expect to pay $1,760 in village property taxes in 2024-25, instead of the previously reported $1,896.

The majority of the budget is funded by taxes. The village will still levy — or collect — $4,281,655 in property taxes from village property owners, just under a 3% increase from last year’s $4,157,280 levy. However, since the village’s tax assessments are higher, tax rates will be lower.

The tax levy increase met the village’s state-imposed tax cap for 2024-25. The budget will also use $390,149 in reserves, $290 more than last year’s village budget.