The Board of Education has the responsibility to establish tax rates which are used as the basis for levying school taxes collected by the towns of Berne, Knox, Westerlo, Rensselaerville, New Scotland, Middleburgh, and Wright, on behalf of the school district.
Based on the taxable assessed values provided from the assessors’ offices of the respective towns listed below, the tax rates and corresponding tax levies required to raise the amount of taxes needed to support the 2016-17 school budget as approved by the voters in May are as follows:
Each of these rates is per $1,000 of assessed (not market) value
|Town||Rate per $1,000||Tax Levy/Warrant Amount|
|Total Tax Levy||$11,000,929.00|
*Westerlo tax rate note:
The reason the town of Westerlo's tax rate seems very high is because of the assessed value (not market value) of the homes.
Since school taxes are based off of property values, when determining school taxes for a town, the state makes a judgment of how closely the assessed values of the homes matches the "true market values" of the homes. They then set an equalization rate that offsets the difference between the two.
With school taxes, the equalization rate helps determine how the school tax levy is shared among a district’s municipalities. A municipality that has an equalization rate of 100 percent means that municipality is assessing property at full market value. Thus, property owners in this scenario are paying the most accurate share of that municipality’s tax burden, including school taxes.
In Westerlo's case, it's not uncommon for the discrepancy between assessed and market value of a home to be very large.