On August 17, the North Colonie Board of Education adopted the school tax levy in the amount of $82,420,535 for the 2017-18 school year. The adopted levy is $26,009 lower than projected in May due to prior year adjustments in property exemptions.
The total taxable assessed values increased by $44,307,183 to $3,230,863,506.
Using the final taxable assessed values provided by the Town of Colonie and the tax levy as adopted by the Board of Education, the resulting tax rate is $25.510389 per $1,000 of taxable value. This represents an increase of 1.21 percent, or 31 cents per $1,000 of taxable value. On a $250,000 taxable value home, the increase is $76.96 a year, without STAR exemptions.
This tax rate on assessed values equates to a true-value tax rate of $16.96, which is a decrease of 5 cents from 2016-17. Because assessment practices vary from town to town, the best way to compare communities’ school tax rates is to look at true-value tax rate, or what the tax rate would be if assessments of all properties were maintained at 100 percent of market value.
For more information about the 2017-18 school tax rate, please contact the North Colonie School District Business Office at 785-8591.
Glossary of helpful terms
- Tax Levy: the total amount of tax collected by the school district as establish and limited by NYS Law.
- Tax Rate: the actual rate per thousand that is paid by individual taxpayers.
- Assessed Value: the value that is placed on the property by the local town assessor.
- Taxable Value: the assessed value less any exemptions (i.e. the STAR Exemption)