Spitzer's STAR: 3-Year Forecast

"Middle Class" and "Basic" STAR Exemption Forecast as of 2/07 based on a Marbletown, NY one-family residence with a 2006 Assessment of $330,000.

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Tax Years2006-2007 2007-20082008-2009 2009-2010
School Dist Tax - Roundout Valley CSD5,3605,6025,8556,119
County - Ulster1,2921,4781,6911,934
Town- Marbletown461462464465
Fire - Cotteskill297313330348
Library - Stone Ridge67707377
Total property tax before STAR exemptions7,4777,9258,4138,943
Imputed school tax rate per $1,000 of AV*16.24216.97617.74218.543
Basic STAR exemption51,11048,55546,12743,820
Tax Reduction benefit of basic STAR exemption830824818813
Household Income <60K
Basic STAR830824818813
Middle Class STAR 659737813
Total STAR8301,4841,5551,625
Net Prop. Tax6,6476,4426,8587,318
Total STAR % Reduction for year11.10%18.72%18.48%18.17%
Net Prop. Tax as % of 2006-2007 Net Tax 96.92%103.17% 110.10%
Household Income 60K to 80K
Basic STAR830824818813
Middle Class STAR  556614670
Total STAR8301,3811,4321,483
Net Prop. Tax6,6476,5456,9817,460
Total STAR % Reduction for year11.10%17.42%17.02%16.58%
Net Prop. Tax as % of 2006-2007 Net Tax 98.47%105.02%112.24%
Household Income 80K to 100K
Basic STAR830824818813
Middle Class STAR 453491528
Total STAR8301,2781,3091,341
Net Prop. Tax6,6476,6487,1037,602
Total STAR % Reduction for year11.10%16.12%15.56%14.99%
Net Prop. Tax as % of 2006-2007 Net Tax 100.02%106.87%114.38%
Household Income 100K to 120K
Basic STAR830824818813
Middle Class STAR 350368386
Total STAR8301,1751,1871,199
Net Prop. Tax6,6476,7517,2267,745
Total STAR % Reduction for year11.10%14.82%14.11%13.40%
Net Prop. Tax as % of 2006-2007 Net Tax 101.57%108.72%116.52%
Household Income 120K to 235K
Basic STAR 830824818 813
Middle Class STAR 247 246244
Total STAR8301,0721,0641,056
Net Prop. Tax6,6476,8547,3497,887
Total STAR % Reduction for year11.10%13.52%12.65%11.81%
Net Prop. Tax as % of 2006-2007 Net Tax 103.12%110.56%118.66%
Household Income > 235 K
Basic STAR830 824818813
Middle Class STAR 000
Total STAR830824818813
Net Prop. Tax6,6477,1017,5948,131
Total STAR % Reduction for year11.10%10.40%9.73%9.09%
Net Prop. Tax as % of 2006-2007 Net Tax 106.84%114.26%122.32%

* based on numbers in row 11 and the assumption of no reassessment

NOTES:

  1. Projected taxes in 2007-8 and 2008-9 are based on assumptions about changes in the 2006 tax levies and assessment roll in those years. The assumptions are reflected in the formula: tax rate = tax levy/assessment roll.
  2. From 2001 to 2006 the levies of local taxing districts increased as indicated shown in "Annual Change in Levies." The fixed annual rate which produces the same 5 year increase is computed for each taxing district by the Excel formula "Rate." The increases in levies for 2007-8, 2008-9 and 2009-2010 are assumed to be the same percentage increase in each year.
  3. There are at present no plans for a townwide revaluation of the Marbletown assessment roll. Therefore significant changes in the assessment roll will be the result of physical changes or increase in value of parcels subdivided in the year other than from physical improvements . The physical change factor for Marbletown from 2005 to 2006 was 1.88% . This factor is assumed to be the same for 2007-8, 2008-9 and 2009-10. The Task Force does not have any available data on the impact of subdivision of existing parcels and this projection does not reflect any assumption about increase in value from subdividing of existing parcels alone.
  4. Application of the 2006 NY ORPS sales price diffential factor for Ulster County (1.0469) produces a basic star exemption less than the 2006 basic star exemption for Marbletown so each of the 2007 through 2009 basic STAR exemptions is calculated as 95% of the basic STAR exemption for the previous year. This causes the tax reduction attributable to the basic STAR exemption to decrease each year.
  5. The median assessment for a single family residence in Marbletown for the 2006 assessment role was approximately $300,000.
  6. Tax Year 2006-2007 includes the school tax payable in September 2006 and the Town and County taxes payable in January 2007; both are levied on the 2006 assessment roll.