In a year when costs have increased and tax revenue has fallen across the County, legislators have been busy debating and revising the 2025 Tompkins County Budget, which is expected to pass in November. While costs are rising, sales tax revenue — the second largest source of revenue — is projected to drop significantly for Tompkins County. Legislator Shawna Black (11th District) explained that the decline in sales tax is one of the County’s biggest concerns. Property taxes are the largest source of revenue for Tompkins County, and in 2025, the property tax percentage will decrease for homeowners. This year, home valuations increased by 20.5 percent in Tompkins County over the past year, far outpacing New York state’s overall increase of 6.8 percent.

Source: Daily Sun October 17, 2024 16:31 UTC