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Flashcards in NY Prop Tax Deck (44):
1

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

2

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

3

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

Non- Homestead

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.

Selective Reassessment

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).

Special assessment

6

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

Special assessment districts

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.

Statutory Redemption

8

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

Tax sale

9

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

Tax Levy

10



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

Tentative Assessment Roll

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.

Budget Mortgage

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.

Equalization

13


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

Equitable Right of Redemption

14



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

Full-Value Assessment

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.

Homestead

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.

In Rem

17



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

Involuntary Lien

18


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

Judicial Review

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.

Level of Assessment

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.

Lien

21


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

Administrative Review

22


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

Appropriation

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.

Approved Assessing Unit

24


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

Assessed Value

25



A government’s valuation of property for tax purposes.

Assessment

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.

Assessing Unit

27


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

Assessment Review Board

28



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

Assessment Roll

29



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

Assessor

30

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

Excessive Assessment

31

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

Unequal Assessment

32

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

Unlawful Assessment:

33



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

Misclassified Assessment

34

SCAR

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)

35

Tax rates are expressed in

dollars per $1,000 of assessed value

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

General Tax Exemptions

37

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

Local New York Entities that Benefit from Property Tax

38

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

Property Taxes

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.

STAR program

40

Gold Star Parents

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

41

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

Veterans

42

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

Disabled Persons

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.

Farmers

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 ___.

Elderly 10-50%