Final tax rates for the 2007-08 budget

On August 20, the Niskayuna Board of Education adopted final tax rates for the 2007-2008 school year. For most Niskayuna Central School District residents, those rates are just below the tax rate increase projected during the school budget vote in May.
As a result of changes in assessed values and equalization rates, Niskayuna residents will see their tax rate increase 4.24 percent from $27.63 to $28.79 per $1,000 of taxable assessed value — which is slightly lower than the 4.25 percent increase district officials had estimated in May.
A Niskayuna resident who owns a home with a taxable assessed value of $140,000 will pay school taxes of $4,032 an increase of $164. If this homeowner applied for the basic STAR exemption ($22,060 in 2007-2008), the STAR reduction would lower the assessment from $140,000 to $117,940 and school taxes would be reduced $635.32 as a result.
The STAR exemption decreased from $23,220 to $22,060 due to a decline in the equalization rate for the Town of Niskayuna. Residents who had a basic STAR exemption in place over the last two years will have an additional tax increase from the prior year of approximately $33 as a result of this decline in the basic STAR exemption.
Similar changes occurred in two other municipalities within the district’s boundaries. Colonie residents will see their tax rate increase 4.1 percent from $25.40 to $26.44 while
Clifton Park residents will see a tax rate increase of 2.35 percent.
In the Town of Glenville, a decrease in the equalization rate from 1.0 to 0.9 shifted more of the tax levy to Glenville residents. As a result, the tax rates will increase from $16.63 to $17.70 per $1,000 of assessed value, or 6.42 percent.
Property owners will receive their tax bills in early September. Payment instructions vary by town so please refer to your tax bill for proper payment information.
District residents already enrolled in the STAR program may apply to receive additional property tax relief this year through the 2007 Middle Class STAR Rebate program. To receive a STAR rebate check, homeowners who make less than $250,000 and receive the basic STAR exemption must submit an application to the New York State Department of Taxation and Finance by November 30, 2007. The state agency will be mailing notices to eligible homeowners throughout the month of September.
For more information, visit www.nystax.gov/star/2007.
 

*per $1,000 of assessed valuation

**Homestead refers to residential property. Non-homestead property is business property.

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