SCHOOL TAX INFORMATION
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SCHOOL TAX INFORMATION 2023-2024Background Information
Summary On June 15, 2023, North Greenbush Common received information from the Assessor’s Office for the Town of North Greenbush confirming that the MetLife Building in the RPI Tech Park had been granted a $16,527,000 reduction in their assessed value by the Rensselaer County IDA. This assessment reduction was granted by the Rensselaer County IDA, not the Town of North Greenbush, as the property was previously under an IDA PILOT program until 2021. Due to varying increases in assessments of other properties located in the district, the total net loss of taxable assessed value for the 2023-2024 school year is $14,234,440. When a loss of taxable assessed value occurs, it can result in a higher than planned tax rate increase. What is the implication for taxpayers? As the district’s financial needs have not lessened, and the tax levy itself remains unchanged, the tax levy then becomes distributed among the smaller remaining tax base within the district. This causes the tax rate to increase, as well as causes an increase in total tax bills. It is important to note that the district is not receiving any additional monies due to the increase in tax bills. Can the district do anything to reduce the tax levy? Similar to many other NYS districts, North Greenbush Common is facing increasing costs, while also already receiving minimal state aid. The budget voted on in May has not changed and the costs incurred to educate our children have not changed. For these reasons, the district cannot reduce the size of the tax levy. FAQ: What is taxable assessment? Taxable assessment is the assessed value of your property as determined by your local assessor, minus any exemptions that have been granted to you (tax.ny.gov). What is a tax levy? A tax levy is the total sum to be raised by the school district after subtracting out all other revenues, including any state aid. The tax levy is used to determine the tax rate for property owners in each of the cities, towns, or villages that make up a school district (tax.ny.gov). For better understanding purposes, tax levy can be viewed as a pie. There are multiple slices that make up the full pie. When one of those slices becomes smaller, the other slices become larger, as the whole pie itself does not shrink. What is tax rate? The tax rate is the amount of tax paid for each $1,000 of assessed value of property. The tax rate is calculated by dividing the total assessed property value by 1,000 and then dividing that again into the tax levy (the amount of money to be raised locally). What is a PILOT? A PILOT is a Payment In Lieu Of Taxes, which is an agreement where a municipality receives a payment in place of property tax revenue from a property owner. It is intended to compensate the municipality for the loss of property tax revenue. STAR Exemptions Program: For STAR questions, please contact New York State at 518-457-2036. We have received questions regarding STAR discounts. The school district does not handle the STAR program, however, if a taxpayer is missing their STAR discount, please know that the State has taken over the STAR program and would need to be contacted directly with any questions. For more information, please contact Cady Kuebler at [email protected]. |
