The Tonawanda Town Board unanimously approved a $102 million budget for 2018 Thursday that will raise annual taxes about 8 cents per day, according to Town Supervisor Joseph Emminger.
At an equalization rate of 39 percent, the average home is assessed at $50,000 and has an annual tax bill which will rise $29 -- from $1,287 to $1,316 -- at $3.61 per $1,000 in 2018.
The overall budget will increase 1.2 percent, from the current budget of $100.8 million. The tax levy is up 2.7 percent, under the town's 3.34 percent tax cap.
For the first time in three years, the tax on businesses will rise by 3.39 percent.
The closing of the Huntley power plant and healthcare costs are just a few reasons for the increase, but Emminger said business investment is growing and the state mitigation fund helped offset the $2 million loss in annual revenue from Huntley.