April 21, 2016—Board approves 41.4 million 2016-17 proposed budget
March 9, 2016—The Cohoes City School District presented the budget highlights at it's first in a series of workshops to develop the 2016-17 school budget. The district projects an increase of $894,558 (2%) over the current year budget.
After the tax cap calculation resulted in a possible 0.17% allowable levy increase this year, the district opted for a school with a 0 percent tax levy increase for residents.
Total Budget: $40,290,105
Spending Increase: 1.84%
Tax Levy Increase: 1.00% (below “cap”)
New York’s Property Tax Freeze Credit was signed into law in April 2014 as part of the 2014-15 New York state budget. The measure is designed as a short-term tax relief program that reimburses qualifying New York homeowners (outside of New York City) for increases in local property taxes on their primary residences.
In 2014-15 and 2015-16, Cohoes residents qualified for the credit.
New York’s Smart Schools Bond Act was approved by voters in November 2014. The $2 billion bond act is intended to provide school districts with funding for new educational technology and infrastructure improvements to enhance learning opportunities for all students across the state.
When Cohoes voters head to the polls to vote on the school budget each year, they cast votes for a budget plan shaped in part by a law known to many as the Property Tax Cap. Approved by the State Legislature in 2011, this complex law is intended to provide much needed property tax relief.
The tax levy is the total amount of money the school district raises in property taxes. Actual tax rates are dependent on several factors including assessment practices and equalization rates.
Tax rates are not set until July — after the state certifies assessment rolls for the properties in the city of Cohoes. Tax bills are sent out in September after this process has concluded. The school district has no control over assessment practices — and does not collect more in taxes than the amount it levies.
Stacy Mackey, School Business Official
7 Bevan Street, Cohoes NY 12047