Monday, September 03, 2012

School Tax Calculations Questioned

    
Anonymous said...
Has anyone else calculated the enhanced star reduction using only the data supplied on the bill, and come up with a reduction in their total bill that is 3.94% less than the reduction should be. Enhanced S Value shown on bill times Tax Rate Per 1000 shown on bill does NOT equal the Star Savings Credit shown on my bill. The credit shown is over $50 less than the reduction I believe I am entitled to. WHY? Is there a mysterious formula that is different from the data shown? Surely the GCSD BOE cannot overturn the laws of mathematics....or can they?
Is this calculation performed by GCSD, the town assessors office, or a contacted service vendor?    9/03/2012 7:57 PM
   

5 comments:

Anonymous said...

Where can I find the multiplier(s?) used in the calculation?

SCATS said...

I'm copying this over from a different thread:

Anonymous said...
This is due to NYS changing the STAR rules last year. Regardless of true exemption value the amount saved on your tax bill can only be 2% higher than last year. This also is the case with basic STAR as well. You can go to the NYS Real Propert Tax website to verify this change. So, if the district's tax rate increases by 2% or the actual value of the exemption increases by 2% you never realize the full value of the exemption. All district's are dealing with this for the first time this year.

9/04/2012 6:37 AM

SCATS said...

To 6:37AM ~~ Is it just me, or was this change kept under wraps when the 2% cap was being promoted?

Anonymous said...

Not that it matters now, but the maximum Enhanced S tax credit is $1397 as long as the assessed value is $62,200 or more and the Star exemption is NOT the low income Start exemption. The 2% cap established the $ cap since the $62.2K and Tax Rate/1000 is the same for all except low income Star.

SCATS said...

This link was posted on another thread:
http://www.tax.ny.gov/pit/property/star/twopercentlimit.htm