Huntington School Board Sets Tax Levy
Faced with a significant decline in assessed property values, Huntington School Board members voted unanimously to dip into the district’s fund balance to make up for the tax shortfall. The action will effectively produce a 2008/09 tax rate increase of 3.54 percent, the same amount the district estimated when residents approved the school budget last May.
Property assessments have fallen all across Long Island this year. The drop in the Huntington School District totaled $215,181, which when applied to the tax rate will result in the collection of $410,000 less in property taxes. If trustees hadn’t elected to use reserves to cover the shortfall, the tax rate would have needed to be increased by 4.02 percent to make up for the lost sum. The 2008/09 tax rate will be $190.50.
“The Board felt that since the taxpayers approved a budget with a 3.54 percent tax increase, to increase the tax rate beyond that to make up for the shortfall would be counter to what the voters approved and would risk abusing the trust and good relations we've maintained with the community,” School Board President Bill Dwyer said. “Therefore we chose to pull from the fund balance to make up the difference.”
When voters went to the polls last May, the district estimated its assessed value at $46,566,020. But, Town Assessor Bryan Monaghan sent the district a letter dated Sept. 16 stating total taxable assessed valuation would be just $46,350,839. Instead of producing the expected $88,706,485, the new assessed figure will result in $88,296,485 in total property taxes.
“In the past, the Board of Education has set the tax levy, which generates a real property tax increase, no more than what was proposed at the May budget vote,” said David H. Grackin, assistant superintendent for finance and management services. To maintain this tradition, trustees tapped monies held in reserve.
The 2008/09 budget is set at $103,617,414. In addition to property taxes, it is funded by state aid of $11,649,429, miscellaneous revenue of $1,911,500 and an appropriation from the fund balance of $1,760,000.
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