What would the proposed tax levy increase mean for my tax bill?
The proposed budget would increase the tax levy—the total amount of property taxes raised by the district—by 3.95 percent, or $182,036. Residents’ tax bills are determined by several factors that are out of the district’s control, including assessment levels and equalization rates. Equalization rates are determined by the state’s Office of Real Property Services to better reflect property’s actual market value.
How is the tax levy different from the tax rate?
The tax levy is the total amount of money a school district raises in taxes each year from all property owners in the district. Tax rates are calculated by dividing the total amount of the levy by the total taxable assessed value in a community. Tax rates are affected by changes in both municipal assessments and state equalization rates, which are determined in the summer. The tax rate is used to calculate each individual property tax bill.
Does the percentage of increase in the tax levy equal the percentage of increase in the tax rate?
No. Typically, the tax rate increase is lower than the tax levy increase. New home construction and businesses added to the tax roll can lower the tax rate.
What is the state’s School Tax Reduction, or STAR, Program?
New York State’s School Tax Relief Program, or STAR, provides partial school property tax savings to eligible homeowners. Most New Yorkers who own and live in their homes are eligible for STAR savings on their primary residences. Because the STAR program is not a district program, taxpayers STAR savings are not factored into a school budget.
Why is there a library funding proposition on the school district ballot?
New York State education law allows libraries to place a funding proposition on school district ballots. It requires school districts, at the libraries’ requests, to levy and collect taxes for libraries. It is important to note that libraries are separate legal entities from the school district, with their own funding and budgets. The school district does not endorse, control, or recommend any aspect of how the libraries spend money.
If voters approve the proposition to increase the annual tax collected by $20,000, the school district would annually levy and collect taxes in the new total amount of $85,000 for the Harrisville Free Library, beginning in the 2025-26 fiscal year. The amount authorized for library services is listed as a separate line on residents’ tax bills.