Lesson 13 - Taxes & Assessments

Question 1

Tax Assessor

Answer 1

-Responsible for determining a municipality’s tax rate.

Question 2

Levy

Answer 2

-An assessment of tax

Question 3

Assessed Value

Answer 3

• A valuation placed upon property by a public officer or a board, as a basis for taxation.
• A percentage of the market value
• Used to calculate property tax

Question 4

Ad Valorem

Answer 4

• Property is taxed on an ad valorem basis, that is, according to value.
• In New York, the real property tax is based on the fair market value of real property.

Question 5

The Role of the Assessor

Answer 5

• The assessor is an elected or appointed local official who has the legal authority to independently estimate the value of real property in an assessing unit.
• In other words, the assessor determines assessed values of property, which are ultimately used to determine how much one pays in property taxes.

Question 6

Protesting Assessments

Answer 6

-Property owners can protest the assessed value of their property.
Their grievances are heard by the Board of Assessment Review.

Question 7

4 grounds of review for protesting assessments

Answer 7

• Unequal assessment
• Excessive assessment
• Unlawful assessment
• Misclassification

Question 8

Exempt Properties

Answer 8

-Properties owned by religious organizations and government-owned properties are exempt tax assessments.

Question 9

Special Assessments

Answer 9

• Special assessments are assessments made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefit from.
• Ex: Sidewalks, sewers

Question 10

Homestead properties include these 6 things

Answer 10

– 1-3 family houses
– Condominiums
– Mixed-use properties when they are mostly residential
– Mobile homes
– Vacant land under 10 acres
– Farm land / farm dwellings

Question 11

Non-Homestead Properties include these 4 things

Answer 11

– Commercial
– Industrial
– Special franchise
– Utility properties