Owning a home can be expensive, despite multiple tips and tricks on how to save money. For example, the U.S. Department of Energy estimates that regularly maintaining a furnace can result in up to $30 dollars a month in energy savings.
And Rochester Mayor Lovely Warren had savings for homeowners in mind when she proposed her 2017-18 city budget proposal.
The budget, which is totaled at over $525 billion, includes tax cuts for homeowners stipended by tax increases for business owners. The sum is a 1.3% increase to the 2016-17 fiscal year budget.
The tax cut formula comes from a state-wide plan that has been implemented in cities all over New York. As an example, a city homeowner with a home worth $72,600 can expect to see a tax cut of $35, but for businesses assessed at $285,200, there will be a tax increase of $510.
If approved, these tax cuts can be exceptionally beneficial for new homeowners looking to save some cash with their first home. Almost one-third of people looking to buy homes are first time home buyers, so Warren’s budget will benefit many in Rochester.
In addition to helping homeowners, the budget is focusing on creating jobs, having safer neighborhoods, and increasing educational opportunities throughout the city. Warren’s budget includes but is not limited to:
- Increasing monthly parking garage rates and taxes as a way to fund these programs.
- Investing money to educate and hire additional police and fire recruits during the summer when demand is high.
- Purchasing a new fire apparatus and increasing fire safety education in schools.
- LED upgrades to street lights and city buildings.
- The building of a solar farm on the Emerson Street Landfill.
Warren is also dedicating a substantial sum to family and children programs. She has proposed $800,000 in funding to increase spending for libraries, create and maintain recreation centers, prevent teenage pregnancy, and introduce job training opportunities for youth and at-risk teens, the Democrat and Chronicle reports.
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