LAKE PLACID — The tentative budget for the village of Lake Placid’s 2025-26 fiscal year includes a proposed $7,463,288 in expenditures and a tax levy that meets the state tax cap.

There will be a public hearing for the tentative budget on Thursday, June 26 at 5 p.m. The tentative budget can be viewed at tinyurl.com/42hmsuk8 or in the documents listed 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.

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 does not plan to override the tax cap for the coming fiscal year.

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 payed with last year’s tax rate of $4.40 per $1,000 in assessed value.

Village Treasurer Mindy Goddeau said the village is able to decrease the tax rate by keeping expenditures relatively level each year. This is achieved by planning ahead, working to maintain equipment, spreading out large purchases and not allowing expenses to fluctuate year-to-year.

“That has to do with really good capital planning from my department heads and from myself,” she said. “Our department heads do a phenomenal job when it comes to that stuff.”