Farmingdale Public Schools Special Board Meeting August 31, 2005

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Farmingdale Public SchoolsSpecial Board
MeetingAugust 31, 2005
DRAFT

• Setting the Tax Levy

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Farmingdale Public Schools
Budgeted Revenue Approved Budget 2005-06
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Tax Rate Determination in FarmingdaleFarmingdale
is in both Nassau and Suffolk Counties
Farmingdale Public Schools

• Nassau vs. Suffolk Timing
• Nassau August
• Suffolk October
• Suffolk assessed value finalized June/July
• Equalization rates required to apportion tax levy
• Nassau series of reassessments

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Farmingdale Public Schools
Tax Rate Determination Data Required

• Tax Levy
• Assessed Value
• Equalization Rates
• Base Proportions (Nassau County)

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Farmingdale Public Schools
Tax Rate Formula
Tax Levy
X 100 Tax Rate
Assessed Value
Used to determine who pays what
Equalization Rate
Normalizes the assessment practices of different
towns
Base Proportions (Nassau County)
Allocates tax levy to the four property classes
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History of Assessed Value
Farmingdale Public Schools

• Town of Oyster Bay Nassau County
• 1938 Construction costs until 2003-04 tax year.
• Court order to reassess
• 2003-04 1 of market value
• 2004-05 1 of market value
• 2005-06 .5 of market value
• 2006-07 .25 of market value
• Town of Babylon Suffolk County
• 1954 Construction Cost Manual

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Farmingdale Public Schools
Assessed Value Comparison
1
2
1
.5 Market Value
2
1.0 Market Value
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Market Value vs. Assessed Value
Farmingdale Public Schools
Market Value Recent Sales of Similar Homes

• If market value 400,000
• Then 1 market value 4,000
• .5 market value 2,000

• If market value 500,000
• Then 1 market value 5,000
• .5 market value 2,500

In todays real estate market, the market value
has increased 25 from 2004-05 to 2005-06.
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Assessed Value Oyster Bay
Farmingdale Public Schools
Assessed Value 2004-05 1 market
value 32,024,464 .5 market value 16,012,232 A
ctual 2005-06 20,996,845 Increase Real
Value 31

• Indicators
• Increased Market Value
• New Real Estate (Homes)
• Enhancements - additions

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Farmingdale Public Schools
Summary Comparison of Base Proportions
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Farmingdale Public Schools
Required New York State Property Tax Report Card
for 2005-06
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Farmingdale Public Schools
Tax Levy Apportionment Oyster Bay vs. Babylon
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Farmingdale Public Schools
Summary Comparison of Tax Rates
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Town of Oyster Bay Tax Impact
Farmingdale Public Schools
2004-05 Tax Rate 206.08
2005-06 Tax Rate 348.87
Increase - 5.4
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Town of Babylon Bay Tax Impact
Farmingdale Public Schools
Increase 11.38