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Notes on taxes and assessments for NYS Real Estate exam
Terminologyassessed 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 AssessmentsWhy 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 QuestionsWhat 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 |
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