Taxes and Assessments Flashcards
Market value is the…
amount a property would sell under normal conditions.
The assessed value is…
a percentage of the market value. The assessed value is used to calculate property taxes.
The assessor applies a level of…
assessment (LOA) to the market value of each property in a city, town, or county to determine the assessment roll.
For example:
If a town chooses to assess properties at 30% of market value, a property with a market value of $200,000 will have an assessed value of $60,000.
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.
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.
Property owners can protest the…
assessed value of their property.
Their grievances are heard by the Board of Assessment Review.
The property must make a case that the…
assessor’s assessment of their property is wrong.
For that reason, the burden of proof is on the property owner to prove the assessor incorrect.
The law presumes that the assessor is correct.
The four grounds for review in New York are…
unequal assessment, excessive assessment, unlawful assessment, and misclassification.
Properties owned by _________ _____________ ___ __________-_____ __________ are exempt tax assessments.
religious organizations and government-owned properties.
A special assessment may be for such things as…
streets, sidewalks, sewers, rural drainage ditches and other public improvements.
The special assessment is a…
lien against the property until paid. If the lien is not paid, the taxing unit may execute on the lien.
Tax Assessing Units may elect to establish…
separate tax rates for homestead and non-homestead properties.
Homestead properties include:
– 1-3 family houses – Condominiums – Mixed-use properties when they are mostly residential – Mobile homes – Vacant land under 10 acres – Farm land / farm dwellings
Homestead = Residential Non-homestead = Commercial
Non-homestead properties include:
– Commercial
– Industrial
– Special franchise
– Utility properties
Homestead = Residential Non-homestead = Commercial
