Tax rates, example bills, assessments

The impact of the estimated tax rate for 2022-23 will vary based on each homeowner’s property assessment, and the equalization rate for the town in which you live. To complicate matters, the Ogden, Greece, Gates and Parma all report a drop in equalization rates as follows:

• Ogden 82%
• Gates 91%
• Greece 86%
• Parma 81%

What does this mean?

If a town’s equalization rate is less than 100%, it means that overall, the property in the town is assessed at less than market value. This is a result of the current housing market, in which homeowners are able to sell their property for amounts greater than its assessed value.

To calculate an equalization rate for a given town, which is done by the state (not the school district) and finalized in the summer prior to the school year, the state takes the total assessed value of the municipality and divides it by the total market value of the municipality. The end result is the equalization rate. A video on Understanding Equalization Rates may be found at this link.

Below are examples of tax bills for homeowners in our four towns, based on the estimated tax rate and respective town’s equalization rate.

An average home valued at $200,000

2021-22
School Tax
Bill

2022-23
Equalization Rate

2022-23 School Tax Bill

Difference

Monthly difference

Ogden

$4,872

82%

$4,938

$66
1.35%

$5.50

Gates

$4,538

91%

$4,450

-$88
-1.94%

-$7.33

Greece

$4,540

86%

$4,708

$168
3.70%

$14

Parma

$4,990

81%

$4,998

$8
0.16%

$0.67

School districts do not control assessments or equalization rates. School districts only control the tax levy, or the amount that taxpayers within its boundaries must contribute to the district's budget.

Videos detailing what equalization rates are and how they impact taxes may be found on our website.

The Board of Education establishes the true full value tax rate in the summer.