1|Page
NYC CITY ASSESSOR (PROMOTION) Exam 2026-2027 BANK
QUESTIONS WITH DETAILED VERIFIED ANSWERS EXAM
QUESTIONS WILL COME FROM HERE (100% Latest Already
Graded A+
QUESTION 1
A taxpayer claims their two-family home assessment should be reduced
because nearby homes sold for less, but those sales were foreclosure
auctions. How should the assessor treat those sales?
A. Use them as primary comparable sales because they are recent
transactions
B. Exclude them because foreclosure sales may not represent arm's
length market value
C. Use them only if they are in the same zip code
D. Use them only if they sold above the assessed value
Answer: B
Rationale: Foreclosure and distress sales are typically not arm's length
and may not reflect true market value. Assessors must rely on arm's
,2|Page
length transactions that represent the most probable selling price in an
open market between a willing buyer and willing seller, neither being
under compulsion to buy or sell .
QUESTION 2
An assessor is valuing a mixed-use building with retail on the first floor
and apartments above. Which valuation approach is usually most
appropriate?
A. Cost approach only because it is mixed-use
B. Income approach because the property produces rental income from
multiple sources
C. Sales comparison approach only because it is partially residential
D. Depreciation approach only because it is older
Answer: B
Rationale: Income-producing properties are commonly valued using the
income capitalization approach based on rental income and expenses.
Mixed-use properties generate income streams from both commercial
and residential tenants, making the income approach particularly
appropriate for valuation .
QUESTION 3
,3|Page
For Class 1 properties in New York City, what is the assessment ratio
(the percentage of market value at which properties are assessed)?
A. 6%
B. 45%
C. 20%
D. 100%
Answer: A
Rationale: Class 1 properties, which include one-, two-, and three-family
residential properties and certain small condominiums, are assessed at
6 percent of market value in New York City. This is a statutory ratio
established by the Real Property Tax Law .
QUESTION 4
For Class 2, 3, and 4 properties in New York City, what is the
assessment ratio?
A. 6%
B. 45%
, 4|Page
C. 20%
D. 100%
Answer: B
Rationale: Class 2, 3, and 4 properties are assessed at 45 percent of
market value. This includes residential properties with more than three
units, utility properties, and all other commercial and industrial property
.
QUESTION 5
Under the New York City property tax system, a newly constructed
four-family brownstone apartment building is classified under which
Tax Class?
A. Class 1
B. Class 2
C. Class 3
D. Class 4
Answer: B
NYC CITY ASSESSOR (PROMOTION) Exam 2026-2027 BANK
QUESTIONS WITH DETAILED VERIFIED ANSWERS EXAM
QUESTIONS WILL COME FROM HERE (100% Latest Already
Graded A+
QUESTION 1
A taxpayer claims their two-family home assessment should be reduced
because nearby homes sold for less, but those sales were foreclosure
auctions. How should the assessor treat those sales?
A. Use them as primary comparable sales because they are recent
transactions
B. Exclude them because foreclosure sales may not represent arm's
length market value
C. Use them only if they are in the same zip code
D. Use them only if they sold above the assessed value
Answer: B
Rationale: Foreclosure and distress sales are typically not arm's length
and may not reflect true market value. Assessors must rely on arm's
,2|Page
length transactions that represent the most probable selling price in an
open market between a willing buyer and willing seller, neither being
under compulsion to buy or sell .
QUESTION 2
An assessor is valuing a mixed-use building with retail on the first floor
and apartments above. Which valuation approach is usually most
appropriate?
A. Cost approach only because it is mixed-use
B. Income approach because the property produces rental income from
multiple sources
C. Sales comparison approach only because it is partially residential
D. Depreciation approach only because it is older
Answer: B
Rationale: Income-producing properties are commonly valued using the
income capitalization approach based on rental income and expenses.
Mixed-use properties generate income streams from both commercial
and residential tenants, making the income approach particularly
appropriate for valuation .
QUESTION 3
,3|Page
For Class 1 properties in New York City, what is the assessment ratio
(the percentage of market value at which properties are assessed)?
A. 6%
B. 45%
C. 20%
D. 100%
Answer: A
Rationale: Class 1 properties, which include one-, two-, and three-family
residential properties and certain small condominiums, are assessed at
6 percent of market value in New York City. This is a statutory ratio
established by the Real Property Tax Law .
QUESTION 4
For Class 2, 3, and 4 properties in New York City, what is the
assessment ratio?
A. 6%
B. 45%
, 4|Page
C. 20%
D. 100%
Answer: B
Rationale: Class 2, 3, and 4 properties are assessed at 45 percent of
market value. This includes residential properties with more than three
units, utility properties, and all other commercial and industrial property
.
QUESTION 5
Under the New York City property tax system, a newly constructed
four-family brownstone apartment building is classified under which
Tax Class?
A. Class 1
B. Class 2
C. Class 3
D. Class 4
Answer: B
