School Board Reduces Tax Rate Increase below Earlier Projection
Huntington School Board members voted to use an increase in the district’s assessed property values to reduce the tax rate increase below what was projected at the time of last spring’s budget vote. Trustees adopted an $85,672,855 tax levy, which translates into a tax rate of increase of 3.72 percent for 2007-08. The increase had earlier been estimated at 3.86 percent.
The lower rate was made possible by an increase in the value of assessed property in the school district from a projected $46,500,691 to $46,566,020. The district was notified in late August by Town Assessor Bryan J. Monaghan of the increase.
Trustees have traditionally opted to use increases in the assessed valuation to hold down taxes instead of supporting new spending. The school district’s budget this year stands at $99,199,355. In addition to property taxes, it is funded by projected state aid of $10,592,000, miscellaneous revenue of $1,584,000 and an appropriated fund balance of $1,350,000.
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