A hearing will be held next Thursday night on the 2012 budget for East Hampton Town, which calls for $65.6 million of spending next year. If adopted as proposed, property tax rates for East Hampton Town residents would be $26.58 per $100 of assessed value; rates for village residents, who are not taxed for all of the town services, would be $11.10 per $100 of assessed value.
The budget reflects a slight spending increase from this year’s budget of almost $64 million, but would provide a slight tax rate decrease of 2 percent for town residents, resulting in a savings of $2.32 for those with a property with a $500,000 market value, and a savings of $8.12 for owners of a $1.8 million market value property.
Village residents would see a 9.3-percent tax decrease next year under the proposed budget — a $46 savings on taxes for a $500,000 property and a $161 savings on an $1.8 million property.
The increase in spending, according to a budget message from Supervisor Bill Wilkinson, is due primarily to increased employee costs.
The 2011 budget provided a 17-percent tax cut for most town residents, and a 20-percent cut for village residents.
Copies of the budget are available in the office of the town clerk. The hearing will begin at 7 p.m. at Town Hall.