Chapter 26

Question 1

What does a tax certificate do ?

Answer 1

Entitles it’s holder to apply for a tax deed after a certain period.

Question 2

The basic STAR exception works by exempting _____ of the value of a home from school taxes.

Answer 2

$30,000

Question 3

A homeowner’s total tax bill is derived by ….

Answer 3

Multiplying each district’s tax rate times the assessed value of the owner’s property.

Question 4

Where does a property owner file an assessment complaint ?

Answer 4

With either the assessor or the board of assembly review in the city or town where the property is located.

Question 5

Approximately how many taxing jurisdictions excite in New York State?

Answer 5

$4,000

Question 6

The property tax exemption provided to qualifying seniors is …

Answer 6

A 50% reduction of taxable value or their homes.

Question 7

In New York , real property tax is based on …

Answer 7

FAIR MARKET VALUE

Question 8

What is a unique characteristic of a special assessment tax ?

Answer 8

It ONLY applies to properties which will benefit from the public improvement.

Question 9

If a local racing taxing authority allows exemptions for historic barns , a barn can be exempted if …

Answer 9

It was at least partially construed before 1936

Question 10

Which of the following statements are true ?

A) Appropriations is setting aside funds for a specific purpose.

B)there is a fixed percentage at which property must be assessed

C) Taxing jurisdictions share the same taxing boundaries as their critics and towns that responsible for assessing properties

D) the number of municipal deferments in a school district is always less then 10.

Answer 10

A) appropriation is setting aside funds for a separate purpose

There is NO fixed percent for assessments

Taxing jurisdictions DO NOT share the same taxing boundaries as cities and towns

There CAN be 1 - 15 or more municipal segments.

Question 11

Barts home is valued at 100,000 and assessed at 60% of its value. If the tax rate is 15 mills , how much is Bart’s tax Bill?

Answer 11

100000$ x 60% = 60000$ X .015 = 900$

Question 12

What is a tax levy ?

Answer 12

The amount of money the municipality must raise through the property tax !

Question 13

Each year , New York State law requires assessors to sign an oath that …

Answer 13

The community assembly represents a uniform percentage of market value.

Question 14

Tax assessors in New York and the required to become certified within 3 years of taking office ECEPT in which locations …

Answer 14

Nassau County 
Albany
Buffalo 
Rochester 
Syracuse and 
Yonkers

Question 15

If an assessment increases …

Answer 15

It doesn’t mean that the taxes will automatically increase .

Question 16

Which limited us farm structure qualifies for a permanent property tax exemption ?

Answer 16

Silos 
Bulk Milk Tanks 
Manure storage and handling facilities 
Farm feed grain storage bins 
Commodity sheds

Question 17

What is the role of local tax districts ?

Answer 17

To impose property taxes for specific municipal services.

Question 18

New York State’s School Tax Relief Program is available to …

Answer 18

ALL owners , regardless of the owners’ ages or incomes.

Question 19

The New York State Office of Real Estate Services (pros) developed an equalization rate to ….

Answer 19

Determine at what prevent of the Merlot value different municipalities are assessing

Question 20

Who pays special assessment tax ?

Answer 20

Homeowners who will benefit from the public improvement ….

Question 21

In New York , real property tax is based on ….

Answer 21

Fair market value ….

Question 22

Who had the burden of proof from an assessment change when a homeowner appeals an assessment ?

Answer 22

Always the homeowner !!!

Question 23

As part of the assessment process , taxing entities in New York use an equalization process to …

Answer 23

Smooth out wide discrepancies if assessed values within the district ….