That the cerebral cortex processes information at prodigious speeds ca
nnot be doubted. Yet the passive time constant, tau(m) of neurons, oft
en thought of as a measure of the neuron's ''response time'' to synapt
ic input, is relatively long. In the 1950s, tau(m) was estimated to be
only a few milliseconds for mammalian central neurons; with improveme
nt in recording techniques, its estimated value grew over the years an
d it now stands near 20-100 msec. However, as we will argue here, the
functional meaning of tau(m) is ambiguous. On the basis of a newly int
roduced definition of local delay, we show that the time window for sy
naptic integration in passive dendritic trees can be much smaller than
the time constant. We argue that the voltage response to very brief s
ynaptic inputs is essentially independent of tau(m). We discuss how ta
u(m) can change dynamically with the global activity of the network, a
s well as the difficulties of defining a time constant in structures w
ith voltage-dependent elements, We conclude that the classically defin
ed tau(m) only provides a very rough estimate, typically an overestima
te, of the response time of neurons and that alternative measures are
required to capture the dependency of the time course of the membrane
potential on ligand-gated and/or voltage-dependent membrane conductanc
es.