Show Menu
Cheatography

Taxes and Assessments Cheat Sheet by

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
 

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
 

Missed­/Unsure Questions

What type of property is generally exempt from paying real estate taxes?
schools
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
       
 

Comments

No comments yet. Add yours below!

Add a Comment

Your Comment

Please enter your name.

    Please enter your email address

      Please enter your Comment.

          Related Cheat Sheets

          Income Tax in Real Estate Transactions Cheat Sheet
          Commercial and Investment Properties Cheat Sheet
          Condominiums and Co-Ops Cheat Sheet

          More Cheat Sheets by khanlamisa

          Income Tax in Real Estate Transactions Cheat Sheet
          Condominiums and Co-Ops Cheat Sheet
          Chapter 5: Real Estate Finance Cheat Sheet