September 1, 2009 - At its meeting on August 31, the North Colonie Board of Education adopted the school tax rate for 2009.

Using the final assessment figures provided by the Town of Colonie and the final equalization rates set by the State this summer, this year's tax rate is $20.99 per $1,000 of assessed value. This represents an increase of 2.49 percent, the lowest increase in more than a decade.

This tax rate equates to a true-value tax rate of $13.80, the second lowest among the Suburban Council districts. Because assessment practices vary from town to town, the best way to compare communities’ school tax rates is to look at their “true-value” tax rate—i.e., what the tax rate would be if assessments of all properties were maintained at 100 percent of market value.

"The district strives to be fiscally prudent," Assistant Superintendent for Business, Thomas Rybaltowski said. "Our true-value tax rate is among the very lowest in the Capital Region, a fact that we are all very proud of."

At the time of the vote on the proposed $90,096,000 budget in May, the district projected a tax rate increase of 2.9 percent for homeowners. However, because of the downturn in the real estate market, total assessments for North Colonie have decreased for the first time in over a decade, increasing the tax burden on the remaining assessed properties. Accordingly, the Board of Education voted to use monies from the district’s Fund Balance to reduce the tax levy, rather than passing on the difference to taxpayers, said Board President Mary Nardolillo.

“The school board and administration strive to bring the most accurate estimates to our taxpayers when we go out to the public in May with an estimated tax rate,” Nardolillo said. “While this becomes increasingly more difficult each year due to the increase in unknown variables, this district has planned very carefully for such fluctuations. We want our residents to be able to believe in what we report and have confidence that it reflects the best information we have available to us at budget development time.”

For more information about the 2009 school tax rate, please contact the North Colonie School District Business Office at 785-8591.