Understanding Your Tax Bill
Frequently Asked Questions
When do tax bills typically arrive?
Tax bills are typically made around Sept. 1 and are due within 30 days.
What is full market value?
The amount that the property could sell for under normal conditions (sometimes called Fair Market Value).
What is assessed value?
The value assigned by the municipality for the purpose of levying taxes.
What are exemptions?
Tax bills must show any exemptions the property receives. Examples of exemptions include:
- The STAR program is New York state’s Tax Relief Program that includes a school property tax rebate program and a partial property tax exemption from school taxes.
- An alternative veterans’ exemption is available only for residential property of veterans who served during wartime or received a medal.
- A senior citizens’ exemption reduces the taxable value of residential property owned by qualifying seniors by 50 percent.
What is the tax amount?
The tax amount is figured by multiplying the taxable assessed value of the property by the tax rate for each $1,000 worth of property. The taxable assessed value of the property may different from the assessed value due to exemptions.
What is STAR?
STAR is a tax exemption. STAR savings are calculated by multiplying the value of the exemption by the school tax rate for the municipality.
Does my school tax total factor in exemptions?
Yes. Your total is the amount minus exemptions (e.g. STAR).
What is an equalization rate?
An equalization rate is the state’s measure of a municipality’s level of assessment (LOA). This is the ratio of total assessed value (AV) to the municipality’s total market value (MV). The municipality determines the AVl and the MV is estimated by the state.
Total assessed value (AV) = Equalization rate
Total market value (MV)
Why is tax equalization necessary in New York state?
- There is no fixed percentage at which property must be assessed.
- Not all municipalities assess property at the same percentage of market value.
- Taxing jurisdictions, such as most school districts, do not share the same taxing boundaries as the cities and towns that are responsible for assessing properties.
How often must equalization rates be established?
The Real Property Tax Law requires that state equalization rates be established annually for each county, city, town, and village.
For more information, visit https://www.tax.ny.gov/pdf/publications/orpts/under_eqrates.pdf.
School Taxes And Assessment Process Timelines
April
Schools across New York state propose a school budget that contains a proposed tax levy for the coming school year. The tax levy applies to all taxpayers in the district. New York residents vote on school budgets on the third Tuesday in May. Defeated budgets can be voted on for a second time on the third Tuesday in June.
May/June/July
Municipalities typically publish a tentative assessment roll – or a list of the assessed property in the municipality – on May 1. A final assessment roll is submitted to the state by July 1.
July/August
The state reviews the local assessment rolls and data and established equalization rates for each municipality. An equalization rate represents the state’s determination of the level of property assessments in a given municipality in relation to full market values.
August
Most school districts set tax rates for each municipality based on the following:
- The total voter approved tax levy
- The state determined equalization rates
- Assessment rolls for each town
August/September
Tax bills are printed for each property owner. Bills are mailed around September 1 and are due within 30 days.