Last week, the tentative tax roll was released and new assessment letters were mailed out. I had mentioned the Town of Jay assessed value increased 20%, which is the third year in a row of large increases. This week, I feel it is very important to discuss the difference between Assessment vs. Taxes. I have attached to this weekly update a publication by NY State Department of Taxation and Finance which explains that difference. The Town Assessor works extremely hard to keep the tax roll as fair and equitable as possible based on sales, to maintain an equalization rate of 100%. In order to understand what the equalization rate means, how they are used and how they relate to school taxes, please visit this link: https://www.tax.ny.gov/pdf/publications/orpts/pub-1121.pdf . As an example, in 2022, the Town of Ausable had an equalization rate of 81% while the Town of Jay was at 100%. The AVCS tax rate for the Town of Ausable was $18.41 while the Town of Jay was $14.91 per thousand dollars of assessed value. There are other disadvantages for not keeping our equalization rate at 100% such as affecting tax and debit limits, level of STAR exemptions and apportionment of sales tax revenue. If you would like more information or to discuss your assessment, please contact our Town Assessor, Timothy Gay.
I was just recently appointed to the Essex County IDA Board of Directors. The Essex County IDA is a wealth of knowledge and support for businesses. They offer many programs to help startups and to expand current businesses. Currently, the IDA has a member sit on our Economic Development Committee, and has helped a number of businesses in the Town of Jay. I am honored to be asked to be a part of this organization.
Lastly, our Town Board meeting is this Thursday, May 9th at 7:00pm at the Community Center. Our monthly Planning Board meeting, originally scheduled for Wednesday evening, has been canceled due to no new business coming before that board.
Hope you have a great week,
Matt.
