Notes on taxes and assessments for NYS Real Estate exam
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assessed value
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a valuation placed upon property by a public officer or a board, as a basis for taxation
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assessment ratio
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equalization rate
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accessing unit
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a city, county, town or village w/ the authority to value real property for taxation purposes
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levy
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an assessment of tax
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tax status date
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effective date of assessment; appraisal must be as of this
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In Rem
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a proceeding against the reality directly used in taking land from nonpayment of taxes
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Welcome Neighbor Policy
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it is illegal to assess a property based on the new purchase price
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appropriation
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a sum of money or total assets devoted to a special purpose
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Presumption of Validity
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when an assessor arbitrarily puts an assessment on a property
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Why protest taxes:
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assessed value is too high or property is unequally assessed
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Remember:
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(marketing value ascertained by appraiser) * (equalization rate) = appraised assessment
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Tax Grievance Procedure
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what you go through if you think your property is overassessed
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Tax Certiorari
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legal process by which a property owner challenges the real estate tax assessment on a given property
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Assessment Review Board
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an independent tribunal established to hear assessment appeals
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Real estate protest must be filed w/in grievance period
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SCAR is for residential
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Commercial properties are assessed by income approach
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Apartment buildings are assessed by NOI
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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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