School Board Adopts 2012/13 Tax Levy
During their meeting this past Monday night, Huntington School Board members voted unanimously to adopt a 2012/13 tax levy of $96,086,390, which is currently projected to yield a tax rate of $212.99 per $100 assessed valuation.
The 2.82 percent increase over last year's tax rate is lower than the 2.89 percent estimated tax increase projected last May when residents went to the polls to vote on the proposed school budget.
"It is apparent that we are in the midst of difficult economic times," Superintendent James W. Polansky said. The responsible Board action taken last spring, in terms of incorporating a relatively accurate projected assessed value decline into the 2012/13 budget, will lead to a slightly lower than projected tax rate for district households. I am certain that this will be well received by our taxpayers."
Trustees had budgeted for a drop of $300,000 in the assessed valuation of taxable property within the district, which translated to a loss of more than $600,000 in taxes. However, Town Assessor Bryan Monaghan has informed school officials that the finalized assessment roll for the district is $31,880 higher than the figure utilized last spring at the time of the Huntington School District's budget vote.
The 2012/13 budget totals $111,858,780, an increase of 2.59 percent over last year's amount. The budget relies on projected revenues of $96,086,390 in property taxes, $11,620,014 in state aid, $2.025 million in miscellaneous revenues and an appropriation of $2,127,376 from the district's fund balance.
The higher than expected assessed valuation allowed Huntington trustees to set the tax rate 15 cents per $100 of assessed valuation lower than last spring's projection. While the amount is a small one, Huntington School Board members said they are happy to pass the savings along to district residents.