CHAPTER 14: TAXES & ASSESSMENTS
EXAM QUIZZES WITH ACTUAL ANSWERS.
Assessment - correct Answers -A charge against real estate made by the government to cover a cost of
an improvement such as a street or sewer.
Real estate taxes are part of the - correct Answers -municipal budget to pay for municipal services (ex:
library, fire department)
How tax rate is determined - correct Answers -municipal parcels / municipal budget (100,000 /
10,000,000= 1%)
properties exempt from taxes - correct Answers -schools, churches etc
Assessed value does not equal - correct Answers -market value. But assessor has to asses based on
market value
equalization rate - correct Answers -assessed value / market value
Properties of Nassau county are assessed at - correct Answers -1% of the true market value
Properties of NYC are assessed at - correct Answers -45% of the true market value
How to determine assessed value - correct Answers -assessment / equalization rate (ex: 1,000/1%=
$100,000
Appraisal on single property - correct Answers -more accurate but more expensive
1
, Approved Assessing Unit - correct Answers -A city or town which has been certified by the State Board
of Real Property Tax Services to have completed a revaluation or an update in conformance with its
rules and regulations.
In State of NY Taxes are conducted on a - correct Answers -town basis
In NYC and long beach taxes are conducted on a - correct Answers -city wide basis
Nassau county taxes conducted on a - correct Answers -county wide basis
Special assessment districts - correct Answers -Market value of real property goes up due to the
influence of of public improvement and which tax is apportioned to recover the costs of public
improvement (ex: library)
Grievance Period - correct Answers -Tax payers may protest the assessed value on their property during
this time
It is required by law that people who protest taxes for other people - correct Answers -Must be licensed.
The owner of a property can do it without a license
The tax assessment is made on - correct Answers -The actual condition of the property NOT the highest
and best use of potential value (what is there)
Ad valorem taxes are based on - correct Answers -the assessed value of property (according to
valuation)
SCAR (small claims assessment review) - correct Answers -For residential tax protests
SCAR will look at - correct Answers -Sales of comparable properties & home appraisals
2
EXAM QUIZZES WITH ACTUAL ANSWERS.
Assessment - correct Answers -A charge against real estate made by the government to cover a cost of
an improvement such as a street or sewer.
Real estate taxes are part of the - correct Answers -municipal budget to pay for municipal services (ex:
library, fire department)
How tax rate is determined - correct Answers -municipal parcels / municipal budget (100,000 /
10,000,000= 1%)
properties exempt from taxes - correct Answers -schools, churches etc
Assessed value does not equal - correct Answers -market value. But assessor has to asses based on
market value
equalization rate - correct Answers -assessed value / market value
Properties of Nassau county are assessed at - correct Answers -1% of the true market value
Properties of NYC are assessed at - correct Answers -45% of the true market value
How to determine assessed value - correct Answers -assessment / equalization rate (ex: 1,000/1%=
$100,000
Appraisal on single property - correct Answers -more accurate but more expensive
1
, Approved Assessing Unit - correct Answers -A city or town which has been certified by the State Board
of Real Property Tax Services to have completed a revaluation or an update in conformance with its
rules and regulations.
In State of NY Taxes are conducted on a - correct Answers -town basis
In NYC and long beach taxes are conducted on a - correct Answers -city wide basis
Nassau county taxes conducted on a - correct Answers -county wide basis
Special assessment districts - correct Answers -Market value of real property goes up due to the
influence of of public improvement and which tax is apportioned to recover the costs of public
improvement (ex: library)
Grievance Period - correct Answers -Tax payers may protest the assessed value on their property during
this time
It is required by law that people who protest taxes for other people - correct Answers -Must be licensed.
The owner of a property can do it without a license
The tax assessment is made on - correct Answers -The actual condition of the property NOT the highest
and best use of potential value (what is there)
Ad valorem taxes are based on - correct Answers -the assessed value of property (according to
valuation)
SCAR (small claims assessment review) - correct Answers -For residential tax protests
SCAR will look at - correct Answers -Sales of comparable properties & home appraisals
2
