TAXES AND ASSESSMENTS EXAM QUIZZES
WITH VERIFIED RIGHT ANSWERS .
Assessed Value vs Market Value - correct Answers -Market value is the amount a property would sell
under normal conditions.
The assessed value is a percentage of the market value.
The assessed value is used to calculate property taxes. The assessor applies a level of assessment (LOA)
to the market value of each property in a city, town, or county to determine the assessment roll.
For example:
If a town chooses to assess properties at 30% of market value, a property with a market value of
$200,000 will have an assessed value of $60,000.
Ad Valorem - correct Answers -Property is taxed on an ad valorem basis, that is, according to value.
In New York, the real property tax is based on the fair market value of real property.
The Role of the Assessor - correct Answers -The assessor is an elected or appointed local official who has
the legal authority to independently estimate the value of real property in an assessing unit. In other
words, the assessor determines assessed values of property, which are ultimately used to determine
how much one pays in property taxes.
Protesting Assessments - correct Answers -Property owners can protest the assessed value of their
property.
Their grievances are heard by the Board of Assessment Review.
The property must make a case that the assessor's assessment of their property is wrong. For that
reason, the burden of proof is on the property owner to prove the assessor incorrect. The law presumes
that the assessor is correct.
The four grounds for review in New York are unequal assessment, excessive assessment, unlawful
assessment, and misclassification.
Exempt Properties - correct Answers -Properties owned by religious organizations and government-
owned properties are exempt tax assessments.
1
WITH VERIFIED RIGHT ANSWERS .
Assessed Value vs Market Value - correct Answers -Market value is the amount a property would sell
under normal conditions.
The assessed value is a percentage of the market value.
The assessed value is used to calculate property taxes. The assessor applies a level of assessment (LOA)
to the market value of each property in a city, town, or county to determine the assessment roll.
For example:
If a town chooses to assess properties at 30% of market value, a property with a market value of
$200,000 will have an assessed value of $60,000.
Ad Valorem - correct Answers -Property is taxed on an ad valorem basis, that is, according to value.
In New York, the real property tax is based on the fair market value of real property.
The Role of the Assessor - correct Answers -The assessor is an elected or appointed local official who has
the legal authority to independently estimate the value of real property in an assessing unit. In other
words, the assessor determines assessed values of property, which are ultimately used to determine
how much one pays in property taxes.
Protesting Assessments - correct Answers -Property owners can protest the assessed value of their
property.
Their grievances are heard by the Board of Assessment Review.
The property must make a case that the assessor's assessment of their property is wrong. For that
reason, the burden of proof is on the property owner to prove the assessor incorrect. The law presumes
that the assessor is correct.
The four grounds for review in New York are unequal assessment, excessive assessment, unlawful
assessment, and misclassification.
Exempt Properties - correct Answers -Properties owned by religious organizations and government-
owned properties are exempt tax assessments.
1
