The City of Binghamton has a new budget that cuts property taxes for both commercial and private properties.

Photo: Bob Joseph/WNBF News (file)

Binghamton Mayor Richard David issued a statement thanking City Council for approving the proposal in a 5-to-2 vote on Monday, October 25.

The $99.1 million budget is the last for the Republican who could not seek reelection due to term limits. David is running for the 52nd New York State Senate seat that is opening as a result of fellow Republican Fred Akshar running for Broome County Sheriff.

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The new City budget carries a .11% tax reduction on residential properties bringing that rate to $21.90 per thousand of assessed value.

Commercial property tax rates are going to $40.70 per thousand of assessed value with that .11% tax reduction. The property tax reduction is the sixth consecutive cut in the eight years of the David administration.

In his September 15 budget address, Mayor David said a large portion of the spending was going to salaries and benefits but he also proposed millions of dollars be spent on infrastructure, including continued road repairs and improvements.

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