Half Hollow Hills Central School   District 2008- 2009 Tax Levy
Estimated Tax Levy May 2008 3.24% 2008-2009 Gross Tax Levy % Increase $ 5,106,086 Total Gross Tax Levy $ Increase $157,530...
Approved Tax Levy  October 2008 2.84% 2008-2009 Gross Tax Levy % Increase $ 4,466,137 Total Gross Tax Levy $ Increase $157...
2008-09 Revenue Summary Estimated State Aid $27,198,972 13.86% Property Taxes $161,996,879 82.57% Other Revenue and   Appr...
Tax Levy  vs.  Tax Rate <ul><li>Gross Tax Levy: Total dollar amount HHH must collect in taxes to support the approved 2008...
What affects the tax rate? <ul><li>Gross Tax Levy (School District) </li></ul><ul><li>Assessed Valuations (Towns of Huntin...
Assessed Value <ul><li>Determination made by the Town Assessor of the value of the property to be used for property taxati...
Assessed Valuation History for HHH   Set by Town of Huntington Assessed Valuation
Assessed Valuation History for HHH   Set by Town of Babylon
Equalization Rates: <ul><li>Set by NYS Office of Real Property Taxes (ORPS) </li></ul><ul><li>New York State’s measure of ...
<ul><li>Equalization rate of: </li></ul><ul><li>100 means municipality is assessing property at 100% of market value </li>...
How do Equalization Rates relate to school property taxes: <ul><li>Fairly distribute property tax levy. </li></ul><ul><li>...
How do Equalization Rates relate to school property taxes: <ul><li>Estimates the total market value of an entire taxing ju...
EXAMPLE: <ul><li>School District AB needs to raise $1M. </li></ul><ul><li>District contains all of Town A and Town B </li>...
EXAMPLE cont’d: <ul><li>State determines, through equalization process, that Towns A & B have different levels of assessme...
EXAMPLE cont’d: $4 per $100 AV $6 per $100 AV Tax Rate for each Town (Tax Levy / Assessed Value) x 100 $400,000 $600,000 T...
Equalization Rates for Towns of Huntington and Babylon:
Actual Valuation History for HHH   Set by Town of Huntington
Actual Valuation History for HHH   Set by Town of Babylon
TRANSLATION:
3 Year Comparison <ul><li>Tax levy versus tax rate for 06-07, 07-08, and 08-09 </li></ul>
2007-2008 Tax Rate Comparison with School Districts in Towns of Huntington and Babylon
THANK YOU!
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Tax Levy Presentationhhh08 09

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Transcript of "Tax Levy Presentationhhh08 09"

  1. 1. Half Hollow Hills Central School District 2008- 2009 Tax Levy
  2. 2. Estimated Tax Levy May 2008 3.24% 2008-2009 Gross Tax Levy % Increase $ 5,106,086 Total Gross Tax Levy $ Increase $157,530,742 Less Gross Tax Levy: 2007-2008 $162,636,828 Gross Tax Levy: 2008-2009 (3,000,000) Less: Appropriated Fund Balance (30,551,472) Less: Estimated Revenue $196,188,300 Proposed 2008-09 Budget
  3. 3. Approved Tax Levy October 2008 2.84% 2008-2009 Gross Tax Levy % Increase $ 4,466,137 Total Gross Tax Levy $ Increase $157,530,742 Less Gross Tax Levy: 2007-2008 $161,996,879 Gross Tax Levy: 2008-2009 (3,639,949) Less: Appropriated Fund Balance (30,551,472) Less: Estimated Revenue $196,188,300 Approved 2008-09 Budget
  4. 4. 2008-09 Revenue Summary Estimated State Aid $27,198,972 13.86% Property Taxes $161,996,879 82.57% Other Revenue and Appropriated Fund Balance $6,992,449 3.57%
  5. 5. Tax Levy vs. Tax Rate <ul><li>Gross Tax Levy: Total dollar amount HHH must collect in taxes to support the approved 2008-2009 expenditure budget of $196,188,300 (Set by HHH). </li></ul><ul><li>Tax Rate: Amount charged per $100 of assessed value to determine individual tax owed (Set by Towns of Huntington and Babylon). </li></ul>
  6. 6. What affects the tax rate? <ul><li>Gross Tax Levy (School District) </li></ul><ul><li>Assessed Valuations (Towns of Huntington and Babylon) </li></ul><ul><li>Equalization Rates (New York State Office of Real Property Taxes) </li></ul>
  7. 7. Assessed Value <ul><li>Determination made by the Town Assessor of the value of the property to be used for property taxation. </li></ul><ul><li>Assessments are at a small fraction of full market value. </li></ul><ul><li>The average assessment for HHH residents in the Town of Huntington is $5,500. </li></ul><ul><li>The average assessment for HHH residents in the Town of Babylon is $4,184. </li></ul>
  8. 8. Assessed Valuation History for HHH Set by Town of Huntington Assessed Valuation
  9. 9. Assessed Valuation History for HHH Set by Town of Babylon
  10. 10. Equalization Rates: <ul><li>Set by NYS Office of Real Property Taxes (ORPS) </li></ul><ul><li>New York State’s measure of a municipality’s Level Of Assessment (LOA) </li></ul><ul><li>Ratio of total assessed value to market value </li></ul><ul><li>The municipalities (Towns of Huntington and Babylon) determine assessed values </li></ul><ul><li>The State estimates the market values </li></ul>
  11. 11. <ul><li>Equalization rate of: </li></ul><ul><li>100 means municipality is assessing property at 100% of market value </li></ul><ul><li>Less than 100 means market value is greater than assessed value </li></ul><ul><li>More than 100 means assessed value is greater than market value </li></ul>Equalization Rates:
  12. 12. How do Equalization Rates relate to school property taxes: <ul><li>Fairly distribute property tax levy. </li></ul><ul><li>Levy needs to be divided in proportion to the total market value of each municipal segment to allow for equitable distribution (for HHH that would be Towns of Huntington and Babylon) </li></ul>
  13. 13. How do Equalization Rates relate to school property taxes: <ul><li>Estimates the total market value of an entire taxing jurisdiction. </li></ul><ul><li>Formula: </li></ul><ul><li>Total Market Value Estimate = </li></ul><ul><li>Current Total Assessed Value Current Equalization Rate </li></ul>
  14. 14. EXAMPLE: <ul><li>School District AB needs to raise $1M. </li></ul><ul><li>District contains all of Town A and Town B </li></ul><ul><li>Each Town has total assessed value of $10M </li></ul><ul><li>If levy were simply allocated on basis of assessed value, the taxpayers in both towns would evenly split the levy </li></ul>
  15. 15. EXAMPLE cont’d: <ul><li>State determines, through equalization process, that Towns A & B have different levels of assessment </li></ul><ul><li>Town A has equalization rate of 33.33 </li></ul><ul><li>Town B has equalization rate of 50.00 </li></ul><ul><li>What does this mean?....................... </li></ul>
  16. 16. EXAMPLE cont’d: $4 per $100 AV $6 per $100 AV Tax Rate for each Town (Tax Levy / Assessed Value) x 100 $400,000 $600,000 Tax Levy to be raised from each Town 40% 60% Percent of Market Value (and, therefore, percent of levy) for each Town Market Value of School District AB = $50 million $20 million $30 million Market Value of each Town (AV/ER) 50.00% 33.33% Equalization Rate (ER) of each Town $10 million $10 million Assessed Value (AV) of each Town Town B Town A
  17. 17. Equalization Rates for Towns of Huntington and Babylon:
  18. 18. Actual Valuation History for HHH Set by Town of Huntington
  19. 19. Actual Valuation History for HHH Set by Town of Babylon
  20. 20. TRANSLATION:
  21. 21. 3 Year Comparison <ul><li>Tax levy versus tax rate for 06-07, 07-08, and 08-09 </li></ul>
  22. 22. 2007-2008 Tax Rate Comparison with School Districts in Towns of Huntington and Babylon
  23. 23. THANK YOU!

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