At its meeting on August 25, 2014, the North Colonie Board of Education adopted the school tax rate for 2014-15.
Using the final assessment figures provided by the Town of Colonie and the tax levy cap set by the State, this year’s tax rate is $24.728 per $1,000 of assessed value. This represents an increase of 2.55 percent. During the district’s budget deliberations, a tax rate increase of 3.629 percent was calculated. Given the final, and slightly higher assessment information, the tax rate that will generate the capped tax levy is now lower. As part of the new tax cap legislation, any assessment growth which would have generated additional tax revenue in the past must be returned to the tax payers, thereby lowering their tax rate increase.
“We are very pleased that our community continues to support our schools as was evident by the overwhelmingly positive budget vote this past May,” said Assistant Superintendent for Business, Thomas Rybaltowski. “Further, because of the positive growth in property assessments, the 2014-15 tax rate will be reduced by about one percent from what was anticipated prior to the budget vote. This lower rate will still enable us to collect much needed revenue to continue our successful academic program, while remaining under the tax levy cap mandated by NYS.”
This tax rate equates to a true-value tax rate of 16.94, 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.
For more information about the 2014-15 school tax rate, please contact the North Colonie School District Business Office at 785-8591.