NY RE 26 EXAM QUESTIONS WITH
ACTUAL RIGHT SOLUTIONS .
tax districts - correct Answers -established to collect funds for providing specific services
ad valorem tax - correct Answers -a tax levied on the assessed value of real and personal
property
tax levy - correct Answers -the amount of money the municipality must raise through property
tax
Homestead Properties - correct Answers -Residential properties that include 1-3 family
properties
non-homestead properties - correct Answers -industrial and commercial parcels and most vacant
land
What is an approved assessing unit? - correct Answers -a tax district that implements a tax
system that would be eligible for State assistance
What kinds of construction projects might trigger a property's reassessment "off schedule?" -
correct Answers -Renovations that might increase the value of that property
appropriation - correct Answers -method of setting aside funds for a specific purpose
Each year, State Law requires assessors to sign an oath that states what? - correct Answers -The
community assessments represent a uniform percentage of market value
, What is the tax levy? - correct Answers -the amount of money the municipality must raise
through property tax
Why is equalization necessary in New York? - correct Answers -Not all municipalities assess
property at the same percentage of market value
How often must equalization rates be established? - correct Answers -annually
If a taxing entity initiates an assessment, the assessment creates an
_________________________________. - correct Answers -involuntary tax lien
If property owners initiate the assessment by requesting the local government to provide the
improvement, the assessment creates a _______________________________. - correct Answers
-voluntary tax lien
special assessment - correct Answers -tax levied against specific properties that will benefit from
a public improvement
The most common real property exemptions are for: - correct Answers -- Veterans- Low-income
senior citizens- Farmers- non-profit/religious organizations
What is the STAR (school tax relief program) program? - correct Answers -school property tax
rebate program and a partial property tax exemption from school taxes
Whose property is eligible for the alternative veterans' exemption? - correct Answers -property
of veterans who served during wartime or received a medal
What does the senior citizens' exemption do? - correct Answers -reduces residential property
taxes for qualifying seniors by 50%.
What should a taxpayer do who feels that he or she is not being fairly assessed? - correct
Answers -meet with assessor so they can explain how the assessment was determined
ACTUAL RIGHT SOLUTIONS .
tax districts - correct Answers -established to collect funds for providing specific services
ad valorem tax - correct Answers -a tax levied on the assessed value of real and personal
property
tax levy - correct Answers -the amount of money the municipality must raise through property
tax
Homestead Properties - correct Answers -Residential properties that include 1-3 family
properties
non-homestead properties - correct Answers -industrial and commercial parcels and most vacant
land
What is an approved assessing unit? - correct Answers -a tax district that implements a tax
system that would be eligible for State assistance
What kinds of construction projects might trigger a property's reassessment "off schedule?" -
correct Answers -Renovations that might increase the value of that property
appropriation - correct Answers -method of setting aside funds for a specific purpose
Each year, State Law requires assessors to sign an oath that states what? - correct Answers -The
community assessments represent a uniform percentage of market value
, What is the tax levy? - correct Answers -the amount of money the municipality must raise
through property tax
Why is equalization necessary in New York? - correct Answers -Not all municipalities assess
property at the same percentage of market value
How often must equalization rates be established? - correct Answers -annually
If a taxing entity initiates an assessment, the assessment creates an
_________________________________. - correct Answers -involuntary tax lien
If property owners initiate the assessment by requesting the local government to provide the
improvement, the assessment creates a _______________________________. - correct Answers
-voluntary tax lien
special assessment - correct Answers -tax levied against specific properties that will benefit from
a public improvement
The most common real property exemptions are for: - correct Answers -- Veterans- Low-income
senior citizens- Farmers- non-profit/religious organizations
What is the STAR (school tax relief program) program? - correct Answers -school property tax
rebate program and a partial property tax exemption from school taxes
Whose property is eligible for the alternative veterans' exemption? - correct Answers -property
of veterans who served during wartime or received a medal
What does the senior citizens' exemption do? - correct Answers -reduces residential property
taxes for qualifying seniors by 50%.
What should a taxpayer do who feels that he or she is not being fairly assessed? - correct
Answers -meet with assessor so they can explain how the assessment was determined
