Tax levy, tax rate and tax impact (all estimates)

An overview of revenues by source may be found at this link or in the budget edition of Cornerstone. 

The estimated tax levy, or 44.7% of revenues, totals $43,448,698. The tax rate is calculated by taking the levy, then dividing it by the assessed value of taxable properties in the district.

Tax Levy

Assessed value of all
taxable properties in the district
= Tax Rate

   Tax levy

2023-24 levy 2024-25 proposed levy % increase* $ increase
$42,596,762 $43,448,697 2.0% $851,935

  Estimated tax rate and tax bills

The following chart compares last year’s actual rates with the 2024 projections for each of the four towns on a home valued at $250,000:
         
Estimated tax rate:   Estimated tax bill:
   
Town 2023-24 2024-25* % change 2023-24 2024-25* $/year $/mo.   
Ogden  $25.66 $16.22 -36.81%          
Gates $21.34 $21.06 -1.32% $5,335 $5,265  -$70 -$5.83  
Greece $23.64 $23.85 .90% $5,910 $5,963 $53 $4.42  
Parma $24.88 $16.22 -34.83%          
                 

Tax rate/$1,000 of assessed value

*Tax levy and tax rates are estimates only and will be officially adopted by the Board of Education in the summer.

Ogden and Parma estimated tax rates and percentage change (excluding STAR) illustrative only

House 2023-24 Assessed Value Actual Growth 2024-25 Assessed Value 2023-24 tax bill 2024-25 tax bill Annual change  Monthly change
Ogden
House 1 $230,000 57.61% $362,500 $5,901.80 $5,879.75 -$22.06  -$1.84
House 2 $185,000 78.86% $330,900
$4,747.10 $5,367.20 $620.10 $51.67
                 
Parma
House 1  $140,000 69.64% $237,500 $3,483.20 $3,852.25 $369.05 $30.75
House 2  $281,300 42.37% $400,500 $6,998.74 $6,496.11 -$502.63 -$41.89

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 at this link.

  County comparison of tax rates


Tax rate comparison
Property reassessments

A property reassessment is a process where the value of a property is reviewed to determine its current worth. This is typically done by local government authorities to ensure that property taxes are current and fairly distributed among property owners. Some property owners may see an increase in their taxes, while others may experience a decrease.


Equalization rates

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), 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. This is done in an effort to equitably distribute the tax burden between towns when reassessments have not occurred.

The estimated tax rate for 2024-25 will vary for each homeowner, based on property assessments and the equalization rate for the town in which you live. The towns of Greece and Gates have not conducted reassessments this year. The towns of Ogden and Parma have.

 Understanding the recent reassessments and equalization rates

 NYS flag
 Ogden
 
 Parma

The district reached out to New York State and local town assessors to better understand the reassessment process and calculated figures. The main takeaways from these discussions were:

  • Townwide valuation is a redistribution of tax dollars.
    Read the disclaimer in your Ogden or Parma reassessment letters. A change in your property’s assessment does not necessarily indicate your taxes will change.
  • A tax bill will increase or decrease for homeowners based on the new assessed values. The closer a home valuation is to the equalization rate (Ogden, 69%; Parma, 71%), the less of an impact this reassessment will have.
  • Taxes will go up if the municipality/school district raises the levy (amount raised to support the budget).

It is important to reiterate that the tax rates are estimates only. The levy and rate are set in the summer once each town’s property assessments are finalized.