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September 18, 2012

2012–’13 Tax Rate Presentation. September 18, 2012. Taxpayer Impact. Assuming $100,000 full value home with: Basic STAR (Under Age 65) Enhanced STAR (Age 65+) Three (3) scenarios for tax rate and additional assessments. Tax rate ranges from $12.63 to $13.22. Comparison.

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September 18, 2012

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  1. 2012–’13 Tax Rate Presentation September 18, 2012

  2. Taxpayer Impact • Assuming • $100,000 full value home with: • Basic STAR (Under Age 65) • Enhanced STAR (Age 65+) • Three (3) scenarios for tax rate and additional assessments • Tax rate ranges from $12.63 to $13.22

  3. Comparison

  4. Assessed Values

  5. Distribution of Tax Levy**$11,589,011**

  6. Impact of Assessments • Tiny Central School District • $1,000 school tax levy

  7. Equalization Rates • Established by the NYS Office of Real Property Services • Provides for equitable property tax allocation across taxing jurisdictions • Equalization seeks to measure the relationship of locally assessed values to the perpetually changing real estate market

  8. Equalization Rates • Why is equalization necessary? • Not all municipalities assess property at the same percentage of market value • Taxing jurisdictions (most school districts), do not share the same taxing boundaries as the cities and towns assessing properties. • What does the equalization rate mean? • An equalization rate of 100 means that the municipality is assessing property at 100% of market value • An equalization rate of less than 100 means that the municipality’s total market value is greater than its assessed value • An equalization rate of greater than 100 means that the total assessed value for the municipality is greater than its total market value

  9. Impact of Equalization

  10. Impact of Equalization

  11. Impact of not being at Full Value

  12. Tax Rates by Jurisdiction

  13. Questions/Comments ???

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