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Notes on taxes and assessments for NYS Real Estate exam
Terminology
assessed value |
a valuation placed upon property by a public officer or a board, as a basis for taxation |
assessment ratio |
equalization rate |
accessing unit |
a city, county, town or village w/ the authority to value real property for taxation purposes |
levy |
an assessment of tax |
tax status date |
effective date of assessment; appraisal must be as of this |
In Rem |
a proceeding against the reality directly used in taking land from nonpayment of taxes |
Welcome Neighbor Policy |
it is illegal to assess a property based on the new purchase price |
appropriation |
a sum of money or total assets devoted to a special purpose |
Presumption of Validity |
when an assessor arbitrarily puts an assessment on a property |
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Protesting Tax Assessments
Why protest taxes: |
assessed value is too high or property is unequally assessed |
Remember: |
(marketing value ascertained by appraiser) * (equalization rate) = appraised assessment |
Tax Grievance Procedure |
what you go through if you think your property is overassessed |
Tax Certiorari |
legal process by which a property owner challenges the real estate tax assessment on a given property |
Assessment Review Board |
an independent tribunal established to hear assessment appeals |
Real estate protest must be filed w/in grievance period |
SCAR is for residential |
Commercial properties are assessed by income approach |
Apartment buildings are assessed by NOI |
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Missed/Unsure Questions
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What type of property is generally exempt from paying real estate taxes? schools
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What real world scenario could cause an assessor to give an approximate assessment? the assessor does not have access to the inside of the property
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When is a mass appraisal technique utilized? when an entire community is being reassessed
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Who is a tax bill delivered by? Receiver of Taxes
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Why might a property owner want to protest the assessment on his/her property? to reduce the amt of taxes owed
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What does a SCAR proceeding typically results in? a written decision by the appointee
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