Civil service - NYC City Assessor Questions and Answers
421A tax exemption program Encourages development of underutilized or unused land by drastically reducing property
taxes. Lasts 10 to 15/25 years
421b tax exemption Partial tax exemptions for new construction, conversion or reconstruction of owner-
occupied one- two family homes
Actual Sale Price Price property sells for, without any adjustments
Amenities to consider when selecting Vacant land sales - location
- restrictions
- investment (economic) desirability
- utility
Annuity Capitalization method Definition Produces higher indication of value, than the sinking-fund method.
Apartment as unit of comparison Used as unit of comparison in apartment buildings
April 14th Date for - Progress day
Arms-length Sale Criteria - buyer/seller typically motivated
- both well informed/advised
- acting in best self interest
- reasonable time exposed in market
- price represents typical pricing for area
- no special / creative financing (IAAO 1997)
Array Arrangements of raw numerical data in ascending and descending order of magnitude
Assessing process The process of valuing the worth of a universe of properties, as of a given date, in uniform
order, utilizing a common reference for data, allowing for statistical testing
Assessor's duties specific statutory authorization Specific statutory duties are found in NY City Charter
Beam Definition Smaller structural support. Beams span between two columns /walls
Bi-modal distribution Two different populations
Building Residual Technique Reasonable amount is deducted from a property's net income as the estimated net income
from the raw land alone.
Bulkhead line Beyond which no structure is permitted
Bundle of rights Various rights attached to ownership of real estate
Capital gain Profit realized upon sale of a property if the sale price exceeds the cost of acquisition and
improvements the seller added
Capitalization definition Process of converting income derived from property into value
2026
, Civil service - NYC City Assessor Questions and Answers
Capitalization rate definition Any rate used to convert income into value
Capitalization rate formula (Net operating income) NOI / prop value = Capitalization rate
Categories to consider when selecting improved property sales - amenities
- land-to-improvement Ratio
- expense ratio
- remaining economic life
City Council decides No later than 6/25, real property tax rate is fixed to raise the amount not provided by the
general fund recipients in order to meet City's budget requirements
Class B buildings Generally a little older, but still have good quality management and tenants
Coefficient of Dispersion Can be computed using more than one measure of central tendency
Collection loss rate formula, expressed as % Collection loss / rents billable =
Collection loss rate formula, expressed as % Loss of income due to failure to pay rent
Rent Billable / rents collected = collection loss rate %
Common units of comparison for rentals - rent per unit
- rent per room
- rent per space
- rent per square foot
- gross income multiplier
Compound Interest tables definition Continuous systematic addictions to a principal sum over a series of successive time
periods, so that the previously earned interest earns interest
Conditions of Sale Arms-length sale vs. non-arms-length sale
Adjust accordingly
Contract rent Actual payment required by a lease agreement (may/may not be economic rent)
Cost and value are equal When improvements are new
Cost definition Is the sacrifice made to acquire property
Cost Manuals Marshall Swift; Boeck's; Kent's
Data to Collect on Each Sale - actual sale price
- type of deed
- date of sale
- date of agreement
- personal property
- type of financing
Date of Agreement to Sell Date buyer & seller enter into a contract
Debt Service Definition Annual payment of the mortgage principal and interest
2026
421A tax exemption program Encourages development of underutilized or unused land by drastically reducing property
taxes. Lasts 10 to 15/25 years
421b tax exemption Partial tax exemptions for new construction, conversion or reconstruction of owner-
occupied one- two family homes
Actual Sale Price Price property sells for, without any adjustments
Amenities to consider when selecting Vacant land sales - location
- restrictions
- investment (economic) desirability
- utility
Annuity Capitalization method Definition Produces higher indication of value, than the sinking-fund method.
Apartment as unit of comparison Used as unit of comparison in apartment buildings
April 14th Date for - Progress day
Arms-length Sale Criteria - buyer/seller typically motivated
- both well informed/advised
- acting in best self interest
- reasonable time exposed in market
- price represents typical pricing for area
- no special / creative financing (IAAO 1997)
Array Arrangements of raw numerical data in ascending and descending order of magnitude
Assessing process The process of valuing the worth of a universe of properties, as of a given date, in uniform
order, utilizing a common reference for data, allowing for statistical testing
Assessor's duties specific statutory authorization Specific statutory duties are found in NY City Charter
Beam Definition Smaller structural support. Beams span between two columns /walls
Bi-modal distribution Two different populations
Building Residual Technique Reasonable amount is deducted from a property's net income as the estimated net income
from the raw land alone.
Bulkhead line Beyond which no structure is permitted
Bundle of rights Various rights attached to ownership of real estate
Capital gain Profit realized upon sale of a property if the sale price exceeds the cost of acquisition and
improvements the seller added
Capitalization definition Process of converting income derived from property into value
2026
, Civil service - NYC City Assessor Questions and Answers
Capitalization rate definition Any rate used to convert income into value
Capitalization rate formula (Net operating income) NOI / prop value = Capitalization rate
Categories to consider when selecting improved property sales - amenities
- land-to-improvement Ratio
- expense ratio
- remaining economic life
City Council decides No later than 6/25, real property tax rate is fixed to raise the amount not provided by the
general fund recipients in order to meet City's budget requirements
Class B buildings Generally a little older, but still have good quality management and tenants
Coefficient of Dispersion Can be computed using more than one measure of central tendency
Collection loss rate formula, expressed as % Collection loss / rents billable =
Collection loss rate formula, expressed as % Loss of income due to failure to pay rent
Rent Billable / rents collected = collection loss rate %
Common units of comparison for rentals - rent per unit
- rent per room
- rent per space
- rent per square foot
- gross income multiplier
Compound Interest tables definition Continuous systematic addictions to a principal sum over a series of successive time
periods, so that the previously earned interest earns interest
Conditions of Sale Arms-length sale vs. non-arms-length sale
Adjust accordingly
Contract rent Actual payment required by a lease agreement (may/may not be economic rent)
Cost and value are equal When improvements are new
Cost definition Is the sacrifice made to acquire property
Cost Manuals Marshall Swift; Boeck's; Kent's
Data to Collect on Each Sale - actual sale price
- type of deed
- date of sale
- date of agreement
- personal property
- type of financing
Date of Agreement to Sell Date buyer & seller enter into a contract
Debt Service Definition Annual payment of the mortgage principal and interest
2026
