Estimated tax rates
The projected tax rates shown below are only estimates. The District will finalize tax rates when the city’s assessments are finalized in the summer of 2007.

The City of Albany recently conducted a citywide property reassessment, which, when finalized, will help determine the final tax rates. Property assessments are only one part of determining tax rates.

Tax rates are determined by dividing the total amount that needs to be raised from property owners (the tax levy) by the total amount of taxable property value in the city. While a property owner’s assessment may change by a certain percentage, their taxes are in no way certain to increase by that amount.

It is important to understand the manner in which the school district creates its budget. The district develops a spending plan to support educational goals, and the tax levy is the amount that will not be covered by all other revenue sources. The district did not anticipate increased revenue due to the reassessment.

For example, because of the increase in assessed values, the  estimated tax rates for 2007-08 decreased from 2006-07.

STAR Savings
New York State’s STAR school property tax relief program is projected to continue this year both for qualifying senior citizens and other property owners. For  senior citizens with incomes up to $67,850 who qualify for the Enhanced STAR exemption, the state will pay school taxes on $56,800 of their full-value assessment.
For homeowners who qualify for the Basic STAR exemption, the state will pay $30,000 of their full-value assessment.

STAR savings are not automatic. Homeowners must apply through the city assessor’s office to be eligible for the tax break. Senior citizens who qualify for Enhanced STAR must reapply each year. If you have questions, contact the city assessor at 434- 5155.

STAR does not provide the district any additional revenue, nor does it result in a loss of tax dollars. New York State reimburses Albany dollar-for-dollar for the tax relief it provides district property owners.

The STAR and Enhanced STAR exemption amounts are subject to adjustment due to equalization rates set by the State Office of Real Property Services.

Tax Rebate
According to the New York State Division of Budget Web site, the average Basic STAR savings in upstate New York was $640 in 2006-07. As a result of the Governor’s Middle Class STAR program, the benefit for a family with an income of $90,000 or less would grow by $384 in 2007-08, to a total STAR benefit of $1,024. This additional benefit will be provided in the form of a rebate check.
By comparison, for the current year’s budget, Albany taxpayers entitled to Basic STAR benefits received a $192.33 rebate check. For more information, please visit www.budget.state.ny.us/localities/star/star.html