Taxable Assessed Valuation
Shows Decline
The property tax base in the Huntington School District shrunk considerably over the past year. According to Huntington Town Assessor Bryan J. Monaghan, the assessed valuation of taxable property within the district has fallen by $328,047 since last year. The drop translates to the loss of $659,000 in property taxes.
School districts typically deal with a drop in assessed value and the accompanying loss of revenue by either dipping into their reserve funds, raising their tax rate or reducing spending or a combination of these alternatives.
The Huntington School District has a tradition of conservative budgeting, including planning during the budget development process for a possible drop in assessed value. Any additional decline experienced after residents have approved a proposed budget and its estimated tax rate increase, has been addressed by trustees through the allocation of monies from the district's fund balance.
The final assessment roll shows the district has a total taxable assessed valuation of $45,800,147. The figure is substantially lower than a tentative one issued last spring, which at the time showed a decrease of $146,851 from 2009. A declining tax base puts upward pressure on the tax rate.
There is $5,762,362 worth of assessed value exemptions on property in the district, according to the town. The exemptions are spread across various categories as authorized by either state or local laws.
The exemptions include ones for senior citizens with limited incomes ($340,250), disabled persons with limited incomes ($14,580), veterans ($15,225), clergy ($16,500), commercial ($20,680), home improvements ($124,238), volunteer firefighters and emergency medical technicians ($51,910) and wholly exempted entities such as non-profit organizations, governments, schools, libraries, parks, churches and fire districts ($5,178,979).