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Tuesday, May 10, 2011

What are the 2010-11 true value tax rates for the area districts?

Question: The Patriot Press Special Budget Edition flyer-Spring 2011, page 7, specifies the 7 year average true value tax rates for area school districts. My questions: 1) what is the 2010-11 true value tax rate for each of the districts? 2) exactly how is the "true value" tax rate determined?

Answer: Here is the table for 2010-2011 to the best of my knowledge.

School District / 2010-11

Amsterdam / $16.87
Broadalbin-Perth / $15.33
Canajoharie / $15.53
Fonda-Fultonville / $15.43
Gloversville / $19.67
Johnstown / $15.19
Mayfield / $14.06
Northville / $9.16
Galway / $11.98
Oppenheim / $16.61

How is True Value Tax Rate determined?
True value tax rate for a school district is a mathematical calculation based upon the school taxable assessed values of property in each town in the district, each town’s equalization rate, and the anticipated school tax levy. The Broadalbin-Perth Central School District encompasses parts of nine different townships (Broadalbin, Perth, Mayfield, Providence, Amsterdam, Northampton, Edinburg, Johnstown, Galway in size order). Each town in the district has a true value for its school taxable property within district boundaries. That true value is determined by dividing assessed property value by the town’s equalization rate. For example, the Town of Broadalbin this year projects to have a taxable assessed property value of $325,857,755. Broadalbin’s equalization rate is projected to be 0.90 (or 90% of true value). So, the true value of these properties in the Town of Broadalbin is $362,064,172. (325857755/.9). The true values of all nine towns are added together to make the District true value. The District tax rate is then determined by dividing the school tax levy by the District true value. For 2011-2012, these are projected as $782,267,434 in true property value, and $12,486,453 in tax levy. 12486453/782267434 = $15.96 per thousand, which equates to a tax rate increase of 4.1% as compared to a school tax levy increase of 4.88%.
-answered by Marco Zumbolo, School Business Administrator

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