At its meeting on August 31, 2015, the North Colonie Board of Education adopted the school tax rate for 2015-16.
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 $25.035 per $1,000 of taxable value. This represents an increase of 1.24 percent. During the district’s budget deliberations, a tax rate increase of 2.98 percent was estimated. The approved tax levy will generate a significantly lower tax rate, due to growth of assessed value within our school district. On a $250,000 taxable value home, the increase is $76.78 a year.
“While the tax levy has increased by approximately 3 percent, as calculated under the tax levy limit legislation (tax cap), the tax rate will only increase by 1.24 percent”, said Assistant Superintendent for
Business, William Furlong. “The lower tax rate increase is the direct result of significant growth in taxable values within the school district. Taxable values increased by slightly more than 1.7 percent from the prior year. Continued growth in assessments or taxable values will continue to keep the tax rate increases lower than the tax levy increase.”
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 2015-16 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)