Note: You can read the village's "One Square Mile" newsletter here.

By Mary Marvin, Mayor of Bronxville

April 9, 2025: Thanks to our dedicated Village workforce and everyone’s extra effort, with special thanks to our Village Treasurer Lori Voss and Village Administrator Jim Palmer, the Trustees have agreed upon a 2025–2026 tentative budget.

2026 Tentative Village Budget Includes Decrease in Property Tax Rate

As proposed, the budget requires a tax rate of $3.54 per thousand dollars of assessed value, resulting in a 3.0% decrease in the property tax rate.

For next fiscal year in real tax dollars, the impact of this proposed tax rate decrease for a homeowner who received a 2025 increase in assessed value of their home of $200,000 resulting in reaching the Village median home value of $2,800,000, will see an increase of $417.40 for a total Village tax bill of $9,920.40. For a home value of 1,510,000, the resulting tax increase of $232.93 results in a total Village tax bill of $5,349.93.

Highlights of 2026 Tentative Village Budget

The microanalysis of the Village budget calls for the following:

-Total general fund appropriations of $21,277,575 representing an increase of $913,580 or 4.48% from the 2024-2025 adopted budget.

-Non real property tax revenues of $7,092,113 - an increase of $333,910 from last year.

-Use of $700,000 from unappropriated fund balance.

-Use of tax stabilization funds of $200,000 from the tax stabilization reserve.

-Use of $200,000 from assigned fund balance for capital projects .

-A real estate tax levy increase of 3.7% (a number in excess of the allowable tax cap levy).

-A taxable value of $3,678,940,384, an increase of $219,220,346 from last year‘s valuation.

-A general fund contribution of $1,723, 924 to the library fund, an increase of $78,015 or 4.7% above last year’s number.

Noteworthy Trends That Affect the 2026 Tentative Village Budget

The following is a snapshot of noteworthy trends that affected the fiscal year 2026 tentative budget:

-Continued strong growth in the Village’s tax base

-Taxable value this year is up almost 6% or $219,220,346. The Village’s uniform percentage of value was restored to 100% from last year’s 95.4% following a review of all Village properties by the Assessor in consultation with representatives of the New York State Office of Taxation and Finance.

-The 2025 increases in value reflect the continued strength of the housing market in the Village.

-As point of fact, of the approximately 60 single-family homes and condominiums that sold during the valuation period of July 1, 2023 to June 30, 2024, the sales price exceeded the Villages market value by a mean of 8% and the median increase in value was $200,000 with a home valued at $2.6 million selling for $2.8 million.

-The price per square foot increased from $726 to $752. All homes sold in the Village for over $1 million with 40% selling for $3 million and above.

Because of this growth, over 1200 properties received increases in their assessments including almost all single-family properties along with some condominiums.

Revenue Review

Non-real property tax revenues are projected to grow by $339,910 or 5% due to three factors: continued strong building permit revenues, stable sales tax revenues, and interest earnings.

This year building permits will exceed the projected budget by $500,000 to $1,075,000. Residential additions and alterations are quite strong, and this number also reflects growth and expansion at New York Presbyterian Westchester Hospital and Iona University.

Sales tax revenues this year should exceed $1,750,000 and as a result, we have budgeted $1,700,000 for the 2025-2026 budget. This is the result of strong local spending combined with the Westchester County sales tax of 8.375% and state legislation that allows taxing of a portion of Internet sales.

Interest earnings in the past budget exceeded projections by $250,000. As a result, the 2025-2026 interest revenues are budgeted at $350,000.

General Government Support

Principal budgeted increases are due to increase premiums for the Village’s general liability insurance policy and property and automobile policies. We continue to negotiate with our current brokers and are soliciting quotes from other providers.

Also included in this category are information technology expenses, including software upgrades/updates, network backups and firewall improvements to ensure continued integrity of our data systems.

Employee Benefits

Budgeted increases include rising state mandated contributions to employee, police and fire retirement systems, increased workers compensation insurance premiums and employee health insurance premiums.

To illustrate the magnitude of the yearly increases in this category alone, the actual cost in the 2021–2022 budget was $3,942,486 and just four budget years later is $5,365,100.

This is just one stark illustration of why the 2% tax cap is so unrealistic as the same government body that’s telling us not to increase our budget above 2% is the one giving us double digit increases in state mandated pensions, and healthcare. It is interesting to know that it is only the state budget itself that is not subject to the 2% tax cap.

In addition to the operating budget, the following is a list of our ongoing and/or planned capital projects:

-Installation and implementation of a building management system for Village Hall.

-Complete upgrade and integration of the Building Departments “Municity” software enabling permit applications to be filed online. The creation of an online portal will also allow residents to check on the status of their building permit applications.

-Conversion of remaining street light fixtures along Pondfield Road and Midland Avenue with consideration for replacement of West side fixtures.

-Complete design, bid and construction of DPW rooftop solar installation.

-Design, bid and construction of a new retaining wall along Milburn.

-Commence next phase of historic street sign replacement with financial assistance from the Bronxville Historical Conservancy.

-Finalize Crawford Drainage Basin improvements (and sanitary sewer) with or without Eastchester partnership and commence construction.

-Complete construction of drainage improvements in Hamilton Avenue and Sussex Avenue neighborhoods.

-Bid sanitary sewer lining for east side of Route 22.

-Install new electric vehicle charging stations in Cedar Street Parking Lot.

-Continue paving projects including repaving and striping of Pondfield Road following construction of traffic calming islands.

-Complete electrical panel replacement at Paddle Courts.

-Complete boiler upgrades at Library and Village Hall.

-Complete new walkway installation at the Library.

-Complete Yeager Room upgrades and audio improvements.