As a result of higher than anticipated assessed valuation, Huntington School District taxpayers are getting a break. The Huntington School Board voted unanimously to set the 2017/18 tax rate below projections issued last spring when residents approved the school budget.
Trustees took the action during their public meeting in the Jack Abrams STEM Magnet School auditorium this past Monday night. The town assessor’s office recently notified the district that its final assessed valuation for the 2017/18 tax year totals $45,105,429 or $24,072 higher than the figure used last spring.
Trustees approved a resolution that sets the tax levy at $104,814,107 or $232.38 per $100 of assessed valuation. The final tax rate is 12 cents per $100 of assessed valuation below last May’s projection of $232.50. The tax rate translates to a 1.29 percent increase over the 2016/17 rate of $229.41. Last spring’s estimate pegged the tax rate increase at 1.35 percent.
“Good news is always appreciated when it comes to school taxes,” Superintendent James W. Polansky said. “We were pleased to learn that the Huntington School District’s final assessed valuation, released this month, is higher than projected during 2017/18 budget development. This will work in favor of district taxpayers in the form of a slightly lower tax rate aligned with the same budgeted tax levy.”
The Huntington School District’s assessed valuation peaked at $49,797,684 or more than $4.6 million higher than it is today, a quarter of a century later.
The Huntington School District’s 2017/18 budget amounts to $126,213,223. The district expects to receive $16,890,039 in state aid and $1,474,077 in miscellaneous revenues. Trustees voted to appropriate $1,635,000 from the district’s fund balance to hold down taxes. The balance of revenues will be collected in property taxes.