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Post by Wantagh Parent on Feb 12, 2009 9:20:00 GMT -5
This thread is for summary, impressions & links.
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Post by Chris_Wendt on Feb 12, 2009 9:38:51 GMT -5
Meeting appeared well attended, was orderly and informative. Sports, Finance and Contracts subcommittees gave reports. Finance subcommittee submitted two preliminary recommendations, one concerning the Workers Compensation reserve fund, the other concerning a potential future Capital Reserve Fund. 7+ Percent increases in spending and taxes for a STARTING POINT with time and opportunity to work through to a more palatable ending point. Budget detail was distributed via email after the meeting, along with Jim Christie's Power Point presentation. ---------------------------------------------------------------------------------------- Impression: fairly encouraging starting point for the passage of a final budget. Two big unknowns which could be decisive: - State Budget (State Aid)
- Federal "Education" Money in the Stimulus package...is there any for Wantagh?
Editorializing: A lesser but still very important unknown is the amount of fund balance that will be available to be allocated (used as revenue) to reduce the final tax levy. This will require continued diligence by the Administration and Board of Education to tightly control spending for the rest of this school year. The word "Draconian" comes to mind, concerning the level of spending control needed for the next 4 months Chris Wendt (Note from Wantagh Parent: edited for formatting only) |
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Post by wecandoit on Feb 16, 2009 14:57:11 GMT -5
Just as a thought.. i received my tentative assessment for 09/10 school year, my home value went down tremendously, knowing nothing about how taxing works im curious if the BOE were to put all that was lost this year in the budget back, times my value, would that equal just about what i pay now?? maybe im just looking for any way to return to some sort of normal? ty in advance for any education in taxes that i can get.
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Post by Chris_Wendt on Feb 16, 2009 20:38:05 GMT -5
Your property taxes =
Step One (Determine the Tax Levy)
Total School Budget
Minus Total State & Federal Aid and other sources of revenue (Rent, Tuition)
Minus Appropriated Fund Balance = Tax Levy
Step Two (Determine the Nominal Tax Rate)
Tax Levy Divided By Total Assessed Valuation of All Property In District = Nominal Tax Rate
Step Three (Determine the Tax Rate for Your Property Class)
(Your property is in Class 1)
Nominal Tax Rate times Base Proportion Adjustment (Factor Applied by NYS) for Class 1 Property = Actual Class 1 Tax Rate
Step Four (Calculate YOUR School Tax Bill)
Your Taxes = Your Assessed Valuation x Actual Class 1 Tax Rate.
No one factor nor any two factors determine whether your taxes go up, or down. School budget increase, State Aid increase, Other Revenue increase, Amount of Fund Balance Appropriated by the BoE; the Total Assessed Valuation of all property in the district and within your property class; the Base Proportion Factor determined by NYS for your property class; and finally, your own individual property assessment for the tax year.
I hope this clears up the tax situation for you!
Chris Wendt
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Post by wecandoit on Feb 18, 2009 13:50:23 GMT -5
ty chris i apprecriate your time and knowledge
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