The Katonah-Lewisboro school board voted at its Aug. 5 meeting to lower the tax levy increase amount for the 2013-14 school year by $200,000 from what voters approved in May when the year's budget was put up for a referendum, the district announced.
The levy, approved by a formal vote, is $102,781,072, down from the $102,981,072 approved in May.
The levy, which represents the amount of tax revenue, is changing as the district's assessed value in for property has dropped in recent months, according to the district.
The following statement notes: "Assessed property values, over which the District has no control, have changed slightly from those estimated when the budget was developed. The variance in assessed values would raise the tax rates in each of the four towns by approximately $0.40 per $1,000 of assessed value."
The levy reduction was meant to offset the drop in assessed value in order to help taxpayers, the district's statement notes.
“Each year, our budget documentation states that the tax rate information is simply an estimate and that assessed property values are subject to change in July,” Assistant Superintendent for Business Michael Jumper said in a press release. “However, we are sensitive to the challenge that a tax rate increase would pose to our residents, and felt it was appropriate to allocate from our fund balance so that our taxpayers will not be affected. It is always our goal to keep the tax rate close to what is presented in the budget.”