Chp. 26 Quiz - Taxes & Assessments Flashcards
Who is eligible to a small claims assessment review?
Single family homeowner occupant
What is a tax levy?
The amount of money the municipality must raise through the property tax.
What exemption is available for newly constructed agricultural structures?
A 10-year tax exemption
If a veteran served during wartime in a combat zone, how much exemption can the veteran expect on his or her property taxes?
25%.
The Small Claims Assessment Review (SCAR) would be available to
the owner of a single family residence.
The property tax exemption provided to qualifying seniors is
A 50% reduction of the taxable value of their home.
Which of the following statements is TRUE?
Appropriation is setting aside funds for a specific purpose.
What are the possible outcomes after an assessment review board has completed its hearing?
Full denial, full reassessment or partial reassessment.
Local taxing authorities can make real property exemptions. A common exemption is made for
military veterans.
Local taxing authorities find taxing land to be beneficial. Which of the following is one of those benefits?
Property taxes raise more revenue than income and sales taxes.
New York State’s School Tax Relief Program is available to
all owners, regardless of the owners’ ages or incomes.
The property tax exemption provided to persons with disabilities is
A 50% reduction of the assessed value of their home.
Which of the following is one reason why equalization is necessary in New York?
There isn’t a fixed percentage at which property must be assessed. Municipalities can set their own percentages.
Where does a property owner file an assessment complaint?
With either the assessor or the board of assessment review in the city or town where the property is located.
_______________ do(oes) not receive revenue from property taxes.
The New York state legislature
