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Taxes and Assessments Cheat Sheet by

Notes on taxes and assessments for NYS Real Estate exam


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
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
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
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?
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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