Budget 101 - Understanding the Budget Process
The table above displays the adopted budgets of the Village of Fairport from 2017/18, 2018/19, 2019/20, 2020/21, and 2021/22.
Budget Year: The budget year for the Village of Fairport begins June 1 and ends May 31 of the following year. That is why two years are listed on each budget. The budget discussed at upcoming Village Proposed Budget meetings will begin June 1, 2022 and complete May 31, 2023.
Budget terms and what do they mean?
Assessed Valuation: The value of all the taxable property in the Village of Fairport.
Taxable vs. Non-taxable property: Government owned lands, buildings, churches and public property does not receive a tax bill. Examples: Village Hall or Fairport Electric, Potter House, Potter Park, Fairport schools and school property, Churches.
Tax Levy: The dollar amount needed to pay expenses when added to other revenue (income) sources such as sales tax, mortgage tax, AIM (state funding) and any other sources of revenue collected by the Village.
Tax Rate: The dollar amount x per $1000 of property value that equals the tax levy.
EXAMPLE USING 2021 DATA:
$7.33288 X $416,157.506 = $3,051,635 (this is the formula for the total tax levy
$7.33288 X $199.498 = $1,462.90**
(this is the formula for the median home value and the average tax bill)
**If the value of the property stays the same from 2020 and 2021, the tax rate was slightly lower and the tax levy was slightly lower.
It is expected that individual property owners who have not purchased their property in the last 3 years will not see a change in the assessed value of their property for the current Village budget cycle. (2022/23)
More information about Assessed Property Values and Taxes
Looking at the table, the assessed property value steadily increased from 2017 through mid 2020. The Town of Perinton conducts the reassessment process of property both in the town and the village. The Town of Perinton cancelled their reassessment of all property mid-2020 showing only small growth in Village property value and then a decrease in 2021. As property is sold, newly purchased properties are assessed at the last purchase price. This explains the increase in 2020 of assessed value if there was no reassessment conducted. For questions about assessment values contact the Town of Perinton Assessment Office.
Question: If the Village was a such a hot property market in 2020 and 2021 with purchase prices rising and houses selling above offering prices, why did the overall assessed valuation not reflect the growth in the village housing market?
There are many commercial properties are on tax pilot programs offered through the Industrial Development Agency (as part of the Office of Community and Economic Development) do not have a full value assessment and property taxes may be reduced for up to 10 years. Tax dollars from these properties are reduced or removed from the Village tax and other property taxes such as school taxes.