ACCURATE ANSWERS 2026 – 2027.
What is the division within the New York State Department of Taxation and Finance oversees local
assessment administration? - correct Answers -The Office of Real Property tax Services
A tax lien can be defined as a _____________ proceeding. - correct Answers -In Rem
A property is sold on November 10th. The property was assessed at $467,900 and the local tax rate is
6.8%. How much money does the buyer owe the seller? - correct Answers -$4,772.58
If a property owner has a property with an assessed value of $175,250 and they paid $7,010 in property
taxes, what is the municipalities tax rate? - correct Answers -Property taxes
$175,250 x TR
A property owner owes $7,067 in property taxes with a 31.27 milage rate. What is the assessed value of
the property owner's home? - correct Answers -(Assessed Value x Milage Rate) / 1,000
If a group of property owners within the same district want to get their street paved, what is the most
likely way for them to accomplish this? - correct Answers -Submit a special improvement proposal to the
local board of assessors
A delinquent taxpayer may redeem their property for a period of time after a tax sale, which is knows
as? - correct Answers -statutory right of redemption
Which of the following is true about New York property tax rates? - correct Answers -tax rates are set by
local governments and vary by location
________ is New York's measure of a municipality's level of assessment. - correct Answers -equalization
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, If a taxpayer receives a decision they don't want to accept after the administrative review process, what
is the appeal process called? - correct Answers -Judicial review
If a property owner finds old information on their NOPV, they can file a ___________? - correct Answers
-request for update
What is the formula for equalization rates? - correct Answers -Total assessed value of municipality/ total
market value of municipality
What is the formula for the property tax rate expressed in terms of mileage? - correct Answers -
(Assessed value x Mileage Rate)/ 1,000
Which of the following properties is most likely to be valued using the Sales Comparison Approach? -
correct Answers -Single family home
Which level of government benefits the most from property taxes in New York? - correct Answers -local
governments
Imagine a client has an issue about their assessed value of their home and wishes to file a grievance,
what might they use to support their grievance? - correct Answers -residential assessment ratios
Which of the following is NOT one of the most common types of proof property owners can present to
support their claims of an unfair assessment? - correct Answers -market information
What is the difference between the "equitable right of redemption" and the "statutory right of
redemption"? - correct Answers -The equitable right of redemption occurs before a tax sale and the
statutory right of redemption happens after a tax sale
If a property owner disagrees with their estimated market value they can file a ________? - correct
Answers -request for review
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