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Flashcards in NY Prop Tax Deck (44):

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


1. 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.



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.



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


1. 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.



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.



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


A government’s valuation of property for tax purposes.



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.

Assessing Unit


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

Assessment Review Board


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

Assessment Roll


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



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

Excessive Assessment


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

Unequal Assessment


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

Unlawful Assessment:


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

Misclassified Assessment



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)


Tax rates are expressed in

dollars per $1,000 of assessed value


• 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

General Tax Exemptions


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

Local New York Entities that Benefit from Property Tax


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

Property Taxes


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
• Basic____has no age or income restrictions.
• Enhanced _____ is for age 65 and older who meet specific income requirements.

STAR program


Gold Star Parents

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


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



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

Disabled Persons


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.



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 ___.

Elderly 10-50%