I have received several calls asking to elaborate on what a projected 6% tax rate reduction really means. First, I must explain how a tax rate is determined.
CLARIFICATION- WHAT A 6% TAX RATE REDUCTION MEANS
I have received several calls asking to elaborate on what a projected 6% tax rate reduction really means. First, I must explain how a tax rate is determined. The Town Tax Levy is divided by the Town’s aggregate taxable assessed value.
The Budget is funded by two parts: The tax levy, which are the dollars collected from property taxes, and, all other revenue sources.
The aggregate assessed value is determined by the Assessor, and is based on the market value of all real property within the Town.
In 2022, the Unincorporated Town Tax Rate was $5.86. Given that “other revenue sources” exceeded our expectations this year, along with assessments increasing, the Town was able to reduce the tax rate from $5.86 to a projected $5.47. Please note, there are outstanding Certiorari’s and Assessment SCAR’s which may affect the tax rate.
Although the tax rate decrease is projected to be approximately 6%, not all taxpayers will see a decrease for their Town tax bill of 6%. Some will receive larger tax reductions. Others will receive reductions less than 6% And some residents could receive slight increases based on their assessment change . Below are several examples of assessment changes and their related tax changes. I have included examples for residents of both the unincorporated section of Greenburgh and the villages.
Please note the calculations above, ONLY reference town taxes. The Town is not responsible for school, county or fire tax rates.
Lastly, property taxes are based on the most current tax rate ($5.47) and the prior year’s assessment (2022 Final Assessment).
Greenburgh Town Supervisor