Chapter 9: Taxes and Assessments Flashcards
Assessing Units
Such as Counties, cities, towns, villages, school districts and special districts raise money through real property taxes.
Property’s Assessment
A percentage of its market value.
Tax Rate
Determined by the amount of tax levy. The rate must be sufficient to provide the amount of revenue required to accomplish the budgetary requirements of the local governmental unit.
Tax Exemptions
Set by state law. In some cases municipalities are allowed by law to determine whether exemptions will be granted and what their amounts will be.
Veteran’s Exemption
The tax law provides a partial exemption to veterans who purchase their property with a veterans’ pension, bonus, or insurance. These monies are referred to as eligible funds.
STAR (The School Tax Relief)
Available for the school portion which provides a partial exemption from the school property taxes for owner-occupied primary residences.
Enhanced STAR is primary residences of senior citizens (age 65 or older) with yearly incomes of $60,000 or less. They can get a reduction in property taxes paid and can be reduced by 50 percent if they owned the property for 12 consecutive months.
Assessor
Assessments are determined by the “assessor,” an elected or appointed local official or officials who have the legal authority to estimate independently the value of real property in an assessing unit.
Taxable Status Dates
March 1 and January 1 in villages are known as “this.”
Assessment Roll
Usually in section, block/lot order and contains a list of all real property in the jurisdiction with annual information about each parcel including its assessed value and exempt status.
Grievance Day
When the Board of Assessment Review (BAR) meets to hear assessment complaints.
SCAR (Small Claims Assessment Review)
The last date which an owner of a 1, 2 or 3 family residence and eligible vacant land may apply for Small Claims Assessment Review of the BAR determination.
Filing of Article 7 Certiorari Writ
A legal action pursuant to Article 7 of the Real Property Tax Law challenging an assessment must be filed in State Supreme Court no later than 30 days after the date the final assessment roll is filed.
Level of Assessment (LOA)
The percentage of market or full value at which properties are assessed within a community.
Reassessment
Properties become under assessed over time when assessments are not updated. The more a property increases in value in contract to that of its neighbors without its assessment being adjusted, the more it will be under assessed.
Back Taxes
Unpaid real property taxes. If title is to be transferred, the back taxes or tax arrears are paid at closing.
