POUGHKEEPSIE – Dutchess County Executive Marcus Molinaro said Tuesday that his 2020 executive budget, to be released on October 30, will include the largest property tax levy cut in 20 years and will reduce the county property tax rate for the fifth consecutive year.
“With unwavering commitment to responsible fiscal management, we continue to find ways to cut county property taxes, and we will do so for the sixth consecutive year with the 2020 budget,” he said. “And for the fifth straight year, homeowners and businesses will have a lower property tax rate thanks to our focus on growing the local economy and expanding the tax base.”
The county’s total assessed valuation has increased every year for the past five years to more than $32 billion for 2020, creating a larger tax base and driving down the tax rate.
Molinaro said there are $4.7 billion worth of projects in development as the local economy continues to grow and diversify. He said the county has seen 23 consecutive months of private sector job growth as well as growth in average weekly wages, helping to buoy sales tax revenue.
Tourism visitor spending also continues to rise, growing 6.8 percent to $642.2 million, in 2018, providing additional sales tax and hotel occupancy tax revenues.
Molinaro said his 2020 budget will continue to support and enhance the work of Dutchess Tourism, Inc. and the Think Dutchess Alliance for Business to expand on their success.