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Bay Shore board adopts $23.03 residential tax rate, authorizes $38M TAN and a $2.5M budget amendment
Summary
At its Sept. 25 meeting the Bay Shore Union Free School District board adopted the 2025–26 tax rates ($23.03 residential; $32.28 commercial), authorized the issuance of $38,000,000 in tax anticipation notes and approved a $2.5 million amendment to cover 2024–25 expenditures.
BAY SHORE, N.Y. — The Bay Shore Union Free School District board voted on Sept. 25 to adopt the 2025–26 tax rates and to authorize short‑term borrowing and a budget amendment to cover fiscal year 2024–25 expenses.
Maureen, the district business official, reviewed assessed value changes and base‑proportion shifts with the board and recommended the rates that the board adopted. She said assessed valuations fell by approximately $1 million for homestead property and about $3 million for commercial property; however, a shift in base proportions meant homeowners would pick up 66% of the levy and the homestead rate would rise from $22.78 to $23.03 — an estimated 1.1% change equal to about $8.35 a month for an average home.
The board approved the following actions by voice vote:
- Adopted the 2025–26 tax rate at $23.03 for residential properties and $32.28 for commercial properties (C1). Maureen noted the $32.28 commercial rate represents a 13.02% increase driven by base‑proportion changes and assessment adjustments.
- Authorized issuance of tax anticipation notes up to $38,000,000 to JPMorgan Securities at 3.5% with a $269,420 premium for an average net interest rate of 2.5% (C2) to meet cash‑flow needs.
- Approved an amendment to increase the 2024–25 appropriation budget by $2,500,000 to cover actual expenditures, with $750,000 from the employee benefits accrued‑liability reserve and $1,750,000 from unappropriated reserves (C3).
Board members asked clarifying questions about grievance phasing for the mall assessment and the multi‑year phasing of that change; staff said the phase‑in will likely continue for several years. The motions were routine, recommended by staff and carried without roll‑call detail provided in the public transcript.
Other routine finance items approved during the meeting included a contract renewal with Long Island Council on Alcoholism and Drug Dependence, Inc. for $7,200 for 10/01/2025–09/30/2026, adult lunch price increases and budget transfers listed in the packet (C4–C6).
