NY Prop Tax Flashcards
The amount of property tax that would be assessed against a specific property before any exemptions held by the present owner are subtracted.
True tax
The order in which liens are paid off out of the proceeds of a foreclosure sale. Tax liens always have the highest priority.
Lien Priority
Industrial and commercial parcels and most vacant land that may by have a different tax rate applied than that for homestead property.
Non- Homestead
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.
Selective Reassessment
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).
Special assessment
The geographic area designated to pay for infrastructure costs for a specific project.
Special assessment districts
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.
Statutory Redemption
The sale of property after the foreclosure of a tax lien.
Tax sale
- Verb: To impose a tax. 2. Noun: The tax itself.
Tax Levy
The public record listing assessed value for all real property in a municipality.
Tentative Assessment Roll
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.
Budget Mortgage
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.
Equalization
The right of a debtor to save (redeem) property from foreclosure proceedings prior to confirmation of sale.
Equitable Right of Redemption
An assessment that is equal to 100% of the market value.
Full-Value Assessment
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.
Homestead
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.
In Rem
A lien that arises by operation of law, without the consent of the property owner. Also called a Statutory Lien.
Involuntary Lien
- When a court considers whether a statute or regulation is constitutional. 2. When a civil complaint is heard before a court.
Judicial Review
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.
Level of Assessment
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.
Lien
A prerequisite to judicial review and is initiated when a taxpayer files a grievance the assessing unit.
Administrative Review
A sum of money that has been allocated for a particular purpose; a formal request for tax funds.
Appropriation
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.
Approved Assessing Unit
The amount used to calculate taxes due, and sometimes representing a percentage of market value.
Assessed Value
