LAKE PLACID — The village of Lake Placid board of trustees voted unanimously on Thursday to approve a budget of $7,463,288 for the 2025-26 fiscal year. The tax levy for the coming year meets the state tax cap.

The budget was approved following a public hearing, which no members of the public attended. The budget can be viewed under the documents tab on the finance department page on the village website. Copies are also available to review in the clerk’s office.

The budget is an increase of $240,230, or 3.33%, from last year’s adopted budget. The tax levy in the coming fiscal year will be $4,400,133. This is an increase of $118,478, or 2.77%, from last year.

The village is in the process of paying off $10,763,075 in debt. The debt payment for this year will be $2,236,602.

This year’s tax levy meets the exact amount the village is allowed to levy based on the state tax cap, which limits how much a local government can raise taxes from year to year. As such, the village did not need to override the tax cap.

The estimated tax rate for the 2025-26 will be around $4.28 per $1,000 in assessed value. This means that someone with a property assessed at $400,000 would pay around $1,711 in village taxes. This is about $50 less than the same property owner would have paid with last year’s tax rate of $4.40 per $1,000 in assessed value.

Village Treasurer Mindy Goddeau said the village has been able to decrease the tax rate every year that she has worked there. This is made possible by keeping expenditures relatively consistent each year. Goddeau, along with the heads of each department, achieve this by planning ahead, maintaining equipment and spreading out large purchases, she said.