NYC CITY ASSESSOR (PROMOTION)
EXAM QUESTIONS WITH VERIFIED
ANSWERS
1. Which of the following describes the ‘Transitional Assessment’ applied to Class 2 and Class
4 properties in New York City?
A. An assessment that phases in changes in value over a period of five years.
B. An assessment that phases in changes in value over a period of three years.
C. A temporary assessment used during new construction only.
D. A reduction in assessment granted to properties transitioning from residential to
commercial use.
Answer: A
Conceptual Explanation: In New York City, for Class 2 and Class 4 properties, assessment
increases (except for physical changes) are phased in over a five-year period through a
transitional assessment.
2. For NYC Tax Class 1 properties, the annual increase in assessed value is limited to:
A. There is no limit for Class 1 properties.
,B. 8% per year and 30% over five years.
C. 2% per year or the rate of inflation, whichever is lower.
D. 6% per year and 20% over five years.
Answer: D
Conceptual Explanation: State law limits assessment increases for Class 1 properties to
no more than 6% in one year and no more than 20% over any five-year period.
3. What is the assessment ratio for NYC Tax Class 1 properties?
A. 6%
B. 25%
C. 45%
D. 15%
Answer: A
Conceptual Explanation: Class 1 properties (one- to three-unit residential) are assessed
at 6% of their market value.
4. When conducting a Sales Comparison Approach, if the subject property has a fireplace and
the comparable property does not, what adjustment should be made?
A. Subtract the value of the fireplace from the subject property.
B. Subtract the value of the fireplace from the comparable property’s sale price.
, C. Add the value of the fireplace to the comparable property’s sale price.
D. No adjustment is necessary for amenity differences.
Answer: C
Conceptual Explanation: Adjustments are always made to the comparable property. If the
subject is superior (has a fireplace) to the comparable (lacks one), the value of that feature
is added to the comparable.
5. Which NYC Tax Class includes utility real property and special franchise property?
A. Class 1
B. Class 2
C. Class 4
D. Class 3
Answer: D
Conceptual Explanation: Class 3 is specifically designated for utility real property owned
by utility companies.
6. The ‘Taxable Status Date’ in New York City, which determines the condition and ownership
of the property for the upcoming tax year, is:
A. January 1st
B. January 5th
C. July 1st
EXAM QUESTIONS WITH VERIFIED
ANSWERS
1. Which of the following describes the ‘Transitional Assessment’ applied to Class 2 and Class
4 properties in New York City?
A. An assessment that phases in changes in value over a period of five years.
B. An assessment that phases in changes in value over a period of three years.
C. A temporary assessment used during new construction only.
D. A reduction in assessment granted to properties transitioning from residential to
commercial use.
Answer: A
Conceptual Explanation: In New York City, for Class 2 and Class 4 properties, assessment
increases (except for physical changes) are phased in over a five-year period through a
transitional assessment.
2. For NYC Tax Class 1 properties, the annual increase in assessed value is limited to:
A. There is no limit for Class 1 properties.
,B. 8% per year and 30% over five years.
C. 2% per year or the rate of inflation, whichever is lower.
D. 6% per year and 20% over five years.
Answer: D
Conceptual Explanation: State law limits assessment increases for Class 1 properties to
no more than 6% in one year and no more than 20% over any five-year period.
3. What is the assessment ratio for NYC Tax Class 1 properties?
A. 6%
B. 25%
C. 45%
D. 15%
Answer: A
Conceptual Explanation: Class 1 properties (one- to three-unit residential) are assessed
at 6% of their market value.
4. When conducting a Sales Comparison Approach, if the subject property has a fireplace and
the comparable property does not, what adjustment should be made?
A. Subtract the value of the fireplace from the subject property.
B. Subtract the value of the fireplace from the comparable property’s sale price.
, C. Add the value of the fireplace to the comparable property’s sale price.
D. No adjustment is necessary for amenity differences.
Answer: C
Conceptual Explanation: Adjustments are always made to the comparable property. If the
subject is superior (has a fireplace) to the comparable (lacks one), the value of that feature
is added to the comparable.
5. Which NYC Tax Class includes utility real property and special franchise property?
A. Class 1
B. Class 2
C. Class 4
D. Class 3
Answer: D
Conceptual Explanation: Class 3 is specifically designated for utility real property owned
by utility companies.
6. The ‘Taxable Status Date’ in New York City, which determines the condition and ownership
of the property for the upcoming tax year, is:
A. January 1st
B. January 5th
C. July 1st
