Notes on taxes and assessments for NYS Real Estate exam
a valuation placed upon property by a public officer or a board, as a basis for taxation
a city, county, town or village w/ the authority to value real property for taxation purposes
an assessment of tax
tax status date
effective date of assessment; appraisal must be as of this
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
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
Protesting Tax Assessments
Why protest taxes:
assessed value is too high or property is unequally assessed
(marketing value ascertained by appraiser) * (equalization rate) = appraised assessment
Tax Grievance Procedure
what you go through if you think your property is overassessed
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
What type of property is generally exempt from paying real estate taxes?
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
When is a mass appraisal technique utilized?
when an entire community is being reassessed
Who is a tax bill delivered by?
Receiver of Taxes
Why might a property owner want to protest the assessment on his/her property?
to reduce the amt of taxes owed
What does a SCAR proceeding typically results in?
a written decision by the appointee