By Jay Braman Jr.
Thanks to an unused $5.5 million contingency fund, property owners in the Onteora School District may see a zero percent tax increase again this year.
The money was put aside in the event that City of New York, which owns the Ashokan Reservoir and is the district’s largest taxpayer, was victorious in a tax-assessment challenge mounted in the Town of Olive.
A settlement was reached and district officials are planning on using up to $3 million of the fund to offset property taxes in the 2013-14 school year.