WITH ANSWERS | LATEST UPDATE .
Assessed Value - correct Answers -A valuation placed upon property by a public officer or a
board, as a basis for taxation.
Assessments - correct Answers -A charge against real estate made by a unit of government to
cover a proportionate cost of an improvement such as a street or sewer.
Real estate taxes - correct Answers -are part of the municipal budget used to pay for municipal
services such as:
- police department, fire dept., libraries, etc.
How Tax rate is determined - correct Answers -Municipality:
100,000 parcels
Municipal Budget required:
$10,000,000
Tax Rate:
100,000 / $10,000,000 = 1%
Equalization rate formula: - correct Answers -Total Assessed Value of municipality / Total
Market Value of municipality
Equalization Rate - correct Answers -https://www.tax.ny.gov/pit/property/learn/eqrates.htm
, Assessing Unit - correct Answers -A city, county, town or village with the authority to value real
property for purposes of taxation.
Special Assessment - correct Answers -An assessment made against a property to pay for a
public improvement by which the assessed property is supposed to be especially benefited
How to determine if your real estate is overassessed: - correct Answers -(Market Value
ascertained by RE Appraisal)
<a) look at comp sales b) get a professional appraisal> [$100,000]
X
(State Equalization Rate) [ 1%] =
Appraised Assessment <this is what it should be> [$1,000]
(Actual Assessment) <As it appears on records>
-
Appraised Assessment <This is what assessment should be>
= How much assessment should be lowered
$2,000 - $1,000 = $1,000
Assessment Ratio - correct Answers -Also known as equalization rate
Why do assessments differ? - correct Answers -1. The assessments may be done by different
people
2. The equalization rate may have been set by different people