Total Budget: $39,563,149
Spending DECREASE: 0.04%
Tax Levy Increase: 0.69% (at “cap”)
Reserves used: $1,450,000
Feb. 27, 2015 - 2015-16 budget presentations get underway
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, Cohoes residents qualify for the tax freeze credit, and should receive a rebate check from the state before November 4, 2014.
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 law does not create a cap, but a threshold that determines the level of voter support needed to pass the budget every year. That threshold is different for every school district in the state. Tax cap fact sheet [pdf]
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