The Huntington School Board has set the tax rate for 2018/19 after receiving final assessed valuation figures from the town assessor.
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 2018/19 tax year totals $44,963,399 or $142,030 less than a year earlier mainly due to tax certiorari challenges. A decline in assessed values put upward pressure on tax rates.
Trustees approved a resolution that sets the tax levy at $107,625,213 or $239.36 per $100 of assessed valuation. The tax rate translates to a 3.01 percent increase over the 2017/18 rate of $232.38.
The Huntington School District’s assessed valuation peaked at $49,797,684 or more than $4.8 million higher than it is today, a quarter of a century later.
The Huntington School District’s 2018/19 budget amounts to $129,812,991. The district expects to receive $17,487,062 in state aid and $1,360,716 in miscellaneous revenues. Trustees voted to appropriate $1.4 million from the district’s fund balance to hold down taxes. Budgeted allocations from reserve funds total $1.940 million. The balance of revenues will be collected in property taxes.