In May 2017, voters approved the 2017-18 budget with a tax rate increase of 1.74%, a responsible plan well within New York State’s two percent tax cap. At a recent meeting, the William Floyd Board of Education voted unanimously to lower the tax levy from 1.74% to 0.70% which translates to $1 million less in taxes collected, which means a savings of $60.79 per year for residents in the average assessed home of $1995.
This change was possible due to several reasons including the year-end financials coming in with a better outlook than expected along with cost estimates for the 2017-18 school year coming in lower than projected. Additionally, just last year, the district had its credit rating increased to Aa3 by Moody’s Investor Services signifying William Floyd’s finances to be of high quality and subject to very low credit risk.
Since the two percent tax cap era began, the Board of Education has stayed at or below the two percent tax cap each of the six years and effectively lowered the tax rate five times to provide some relief to community residents. “It is always important to our Board to pass along tax relief whenever we can,” said Robert Vecchio, President, William Floyd Board of Education.