NY Prop Tax

Question 1

The amount of property tax that would be assessed against a specific property before any exemptions held by the present owner are subtracted.

Answer 1

True tax

Question 2

The order in which liens are paid off out of the proceeds of a foreclosure sale. Tax liens always have the highest priority.

Answer 2

Lien Priority

Question 3

Industrial and commercial parcels and most vacant land that may by have a different tax rate applied than that for homestead property.

Answer 3

Non- Homestead

Question 4

The illegal reassessment of specific parcels, various portions of an assessing unit, or certain types of property without regard to the relative uniformity of assessments within the municipality.

Answer 4

Selective Reassessment

Question 5

A tax levied only against properties that benefit from a public improvement (e.g., a sewer or street light) to cover the cost of the improvement; creates a special assessment lien (an involuntary lien).

Answer 5

Special assessment

Question 6

The geographic area designated to pay for infrastructure costs for a specific project.

Answer 6

Special assessment districts

Question 7

This lets a mortgagor redeem property for a set period of time after a foreclosure sale, regardless of the timing of other events. Time frames for statutory right of redemption vary by state.

Answer 7

Statutory Redemption

Question 8

The sale of property after the foreclosure of a tax lien.

Answer 8

Tax sale

Question 9

1. Verb: To impose a tax. 2. Noun: The tax itself.

Answer 9

Tax Levy

Question 10

The public record listing assessed value for all real property in a municipality.

Answer 10

Tentative Assessment Roll

Question 11

A mortgage agreement where payments are set up to include principal and interest on the loan, plus 1/12 of the year’s property taxes & hazard insurance premiums.

Answer 11

Budget Mortgage

Question 12

The attempt to measure the relationship of locally assessed values to a fluid real estate market in order to provide equity in property taxes among tax jurisdictions.

Answer 12

Equalization

Question 13

The right of a debtor to save (redeem) property from foreclosure proceedings prior to confirmation of sale.

Answer 13

Equitable Right of Redemption

Question 14

An assessment that is equal to 100% of the market value.

Answer 14

Full-Value Assessment

Question 15

Dwellings of four or fewer units, owner-occupied mobile homes, residential condominiums, farms, and vacant land suitable for qualified buildings that may be eligible for a separate tax rate.

Answer 15

Homestead

Question 16

A lawsuit or legal action directed toward property, rather than toward a particular person. Judgments are binding to all persons who claim title to the property.

Answer 16

In Rem

Question 17

A lien that arises by operation of law, without the consent of the property owner. Also called a Statutory Lien.

Answer 17

Involuntary Lien

Question 18

1. When a court considers whether a statute or regulation is constitutional. 2. When a civil complaint is heard before a court.

Answer 18

Judicial Review

Question 19

The percentage of market value at which property is assessed. All property within a jurisdiction should have an equal level of assessment. Also called LOA.

Answer 19

Level of Assessment

Question 20

A non-possessory interest in property, giving a lien holder the right to foreclose if the owner does not pay a debt owed to lien holder; a financial encumbrance on the owner’s title.

Answer 20

Lien

Question 21

A prerequisite to judicial review and is initiated when a taxpayer files a grievance the assessing unit.

Answer 21

Administrative Review

Question 22

A sum of money that has been allocated for a particular purpose; a formal request for tax funds.

Answer 22

Appropriation

Question 23

This is a unit that certified by the New York State Board of Real Property Services as having completed a revaluation program and assessing the property at full market value, making it eligible for state aid and eligible to create different tax rates for homestead and non- homestead property.

Answer 23

Approved Assessing Unit

Question 24

The amount used to calculate taxes due, and sometimes representing a percentage of market value.

Answer 24

Assessed Value

Question 25

A government’s valuation of property for tax purposes.

Answer 25

Assessment

Question 26

The entity within the boundaries of county, city, town, or village (but not a school district) that has the authority to levy property taxes. This unit should have a uniform level of assessment.

Answer 26

Assessing Unit

Question 27

Local board that hears complaints regarding property assessments and property exemption determinations.

Answer 27

Assessment Review Board

Question 28

The public record prepared by an assessor that lists the assessed value of each property.

Answer 28

Assessment Roll

Question 29

Elected or appointed official who determines the value of property for taxation.

Answer 29

Assessor

Question 30

The property’s assessment exceeds its full market value or some portion of an exemption is denied or accidentally overlooked.

Answer 30

Excessive Assessment

Question 31

A property is assessed at a higher percentage than other properties.

Answer 31

Unequal Assessment

Question 32

Often a technicality, for example, the property is not really within the boundaries of its designated assessing unit.

Answer 32

Unlawful Assessment:

Question 33

The real property is misclassified, for example, residential classified as industrial.

Answer 33

Misclassified Assessment

Question 34

SCAR

Answer 34

Small Claims Assessment Review

(a municipal hearing available only to owner-occupants of one-, two-, or three-family residences and owners of vacant land not large enough to accommodate a one-, two-, or three-family dwelling)

Question 35

Tax rates are expressed in

Answer 35

dollars per $1,000 of assessed value

Question 36

• Government entities, at all levels – federal, state, and local
• Religious organizations
• Schools, including colleges and universities
• Parks
• Hospitals
• Airports
• Embassies or consulates
• Indian reservations
• Port authority

Answer 36

General Tax Exemptions

Question 37

• Counties
• Cities
• Towns
• Villages
• School districts
• Special assessment districts

Answer 37

Local New York Entities that Benefit from Property Tax

Question 38

These taxes are somewhat protected in slow economies when compared to other types of taxes.

Answer 38

Property Taxes

Question 39

New York State’s School Tax Relief program
• Includes school property tax rebate program and partial property tax exemption from
school taxes only.
• Available to every New Yorker who lives in a home he or she owns, primary residence
only.
• Basic____has no age or income restrictions.
• Enhanced _____ is for age 65 and older who meet specific income requirements.

Answer 39

STAR program

Question 40

Gold Star Parents

Answer 40

Parents who have lost a child in combat may be eligible for a partial exemption.

Question 41

Qualified _______ may receive a partial exemption of 15% of the value of a primary residence, excluding cooperatives. DOES NOT APPLY TO SCHOOL TAXES.

Answer 41

Veterans

Question 42

Local governments and public school districts have the authority to grant a reduction in property taxes to these qualifying persons .

Answer 42

Disabled Persons

Question 43

In specific agricultural areas, exemptions may be offered to encourage the continuation of agricultural uses. ______ may claim exemption from school taxes for part, or all, of their acreage.

Answer 43

Farmers

Question 44

Homeowners who are 65 or older with modest incomes may be eligible for a partial exemption from property taxes on their primary residence. Depending on income levels, exemptions can range from ___ to ___.

Answer 44

Elderly 10-50%