Mandatory Budget Reporting
The documents attached below, contain the following information:
- The budget presented in three components (Program, Capital and Administrative).
- Categories of revenues, expenditures and fund balance info, with comparison data from the prior year's budget.
- Administrator salaries and benefits
- Annual report card prepared by the NYS Education Department
- Property Tax Report Card
- Tax Exemption Impact Report
Understanding New York’s Property Tax Levy Cap
The following Questions and Answers are excerpted and abbreviated from “Understanding New York’s Property Tax Levy Cap” published by Questar III BOCES.
Q: Does the new tax cap law mean school tax levies can’t increase by more than two percent?
A: No, the law does not prohibit tax levy increases greater than two percent.Despite how it’s been described by some, the legislation signed into law in June require every district to calculate its own “tax levy limit.” Two percent (or the rate of inflation, if less) is just one of the eights factors in this calculation. The law also establishes a higher threshold of voter approval for a budget to pass if a district’s proposed tax levy increase (before exemptions outlined in the law) exceeds its individual “tax levy limit.”
Q:What is a “tax levy limit?”
A: For school district’s, the “tax levy limit” is the highest allowable tax levy (before exemptions) that a school district can propose as part of its annual budget for which only the approval of a simple majority of voters (more than 50 percent) is required.Any proposed tax levy amount above this limit will require budget approval by a supermajority (60 percent or more) of voters.
However, the new legislation does not place a limit on any taxes a school district would levy to pay for expenditures related to specific “exempt” items, including some court orders, some pension costs and local capital expenditures.These items are then added to the “tax levy limit” to arrive at the “allowable” tax levy limit.These exemptions seems to indicate an acknowledgement among lawmakers that schools have no ability to simply limit cost increases in these areas to the rate of inflation.As a result, a district’s final tax levy (after the levies for these exemptions are added in) could be greater than its published “tax levy limit” and yet still be considered, under the law, within that limit.
Q: What will the tax cap law mean for MY tax bill?
A: First, the new law applies to the tax levy, not to tax rates or individual tax bills.Second, it does not impose a universal two percent tax camp on taxes – or any other specific amount. And third, there are several factors that dictate how an individual’s school tax bill is calculated after a school district sets the final tax levy – none of which are within the district’s control.
Tax bills continue to be calculated by using a property’s assessed value (as determined by the local town assessor) and the tax rate - or the amount paid in taxes per $1,000 of assessed value.Tax rates are not solely determined by the tax levy approved by voters; they are often adjusted by the state using equalization rates, designed to equally distribute the tax burden across municipalities within a district.Tax bills can also be affected by STAR or other exemptions for which individual taxpayers may qualify.
Find the full fact sheet at www.questar.org/News/oct2011/TaxCapBrochure.pdf
Property Tax Levy Cap as it relates to public schools
The attached document provides a description of what New York State's property tax levy cap is and how it will impact our school. The publication is produced by Questar III State Aid Planning and Communication Services and Capital Region BOCES Communication Services. It is provided here to help the Arkport Central School District's tax payers with information to help explain the complicated new property tax levy cap.
If you have questions regarding the new property tax levy cap, please contact the District Office at 607-295-7471 or plan to attend a meeting of the Board of Education.