NY RE 26 EXAM QUESTIONS AND
ANSWERS 100% PASS 2026/2027
Tax districts - ANS established to collect funds for providing specific services
ad valorem tax - ANS a tax levied on the assessed value of real and personal property
tax levy - ANS the amount of money the municipality must raise through property tax
Homestead Properties - ANS Residential properties that include 1-3 family properties
non-homestead properties - ANS industrial and commercial parcels and most vacant land
What is an approved assessing unit? - ANS 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?" -
ANS Renovations that might increase the value of that property
appropriation - ANS method of setting aside funds for a specific purpose
Each year, State Law requires assessors to sign an oath that states what? - ANS The
community assessments represent a uniform percentage of market value
2026/2027 ALLRIGHTS RESERVED
1
, What is the tax levy? - ANS the amount of money the municipality must raise through
property tax
Why is equalization necessary in New York? - ANS Not all municipalities assess property at
the same percentage of market value
How often must equalization rates be established? - ANS annually
If a taxing entity initiates an assessment, the assessment creates an
_________________________________. - ANS involuntary tax lien
If property owners initiate the assessment by requesting the local government to provide the
improvement, the assessment creates a _______________________________. -
ANS voluntary tax lien
special assessment - ANS tax levied against specific properties that will benefit from a public
improvement
The most common real property exemptions are for: - ANS - Veterans- Low-income senior
citizens- Farmers- non-profit/religious organizations
What is the STAR (school tax relief program) program? - ANS school property tax rebate
program and a partial property tax exemption from school taxes
Whose property is eligible for the alternative veterans' exemption? - ANS property of
veterans who served during wartime or received a medal
What does the senior citizens' exemption do? - ANS reduces residential property taxes for
qualifying seniors by 50%.
2026/2027 ALLRIGHTS RESERVED
2
ANSWERS 100% PASS 2026/2027
Tax districts - ANS established to collect funds for providing specific services
ad valorem tax - ANS a tax levied on the assessed value of real and personal property
tax levy - ANS the amount of money the municipality must raise through property tax
Homestead Properties - ANS Residential properties that include 1-3 family properties
non-homestead properties - ANS industrial and commercial parcels and most vacant land
What is an approved assessing unit? - ANS 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?" -
ANS Renovations that might increase the value of that property
appropriation - ANS method of setting aside funds for a specific purpose
Each year, State Law requires assessors to sign an oath that states what? - ANS The
community assessments represent a uniform percentage of market value
2026/2027 ALLRIGHTS RESERVED
1
, What is the tax levy? - ANS the amount of money the municipality must raise through
property tax
Why is equalization necessary in New York? - ANS Not all municipalities assess property at
the same percentage of market value
How often must equalization rates be established? - ANS annually
If a taxing entity initiates an assessment, the assessment creates an
_________________________________. - ANS involuntary tax lien
If property owners initiate the assessment by requesting the local government to provide the
improvement, the assessment creates a _______________________________. -
ANS voluntary tax lien
special assessment - ANS tax levied against specific properties that will benefit from a public
improvement
The most common real property exemptions are for: - ANS - Veterans- Low-income senior
citizens- Farmers- non-profit/religious organizations
What is the STAR (school tax relief program) program? - ANS school property tax rebate
program and a partial property tax exemption from school taxes
Whose property is eligible for the alternative veterans' exemption? - ANS property of
veterans who served during wartime or received a medal
What does the senior citizens' exemption do? - ANS reduces residential property taxes for
qualifying seniors by 50%.
2026/2027 ALLRIGHTS RESERVED
2
