Chapter 26 - Taxes & Assessments

Question 1

What does ad valorem mean?

Answer 1

The taxes are based on the assessed value of the property.

Question 2

The _______ is the amount of money the municipality must raise through the property tax.

Answer 2

tax levy

Question 3

Due to the following reasons, ______ is necessary in NY.

• There is no fixed percentage at which property must be assessed.
• Not all municipalities assess property at the same percentage of market value.
• Taxing jurisdictions, such as most school districts, do not share the same taxing boundaries as the cities and towns that are responsible for assessing properties.

Answer 3

equalization

Question 4

The Real Property Tax Law requires that state equalization rates be established _____ for each county, city, town and village.

Answer 4

annually

Question 5

This reduces the taxable value of residential property owned by qualifying seniors by 50%.

Answer 5

senior citizens’ exemption

Question 6

What are the four grounds for assessment review?

Answer 6

Unequal assessment
Excessive assessment
Unlawful assessment
Misclassification