Property taxes are a reliable source of income for the state because they are difficult to conceal, their
value tends to remain steady, and people tend to pay them.
Property values generally remain steady. Because people don't want to risk losing their home, they are
highly likely to pay their property taxes. Also, because property taxes are connected to tangible
property, they are very difficult to conceal.
Property taxes generate approximately ______ of local government revenue.
One third
To calculate property taxes, multiply the ______ by the tax rate.
Assessed Value
Gabe's home has an assessed value of $172,000, and his tax rate is .55%. What are the annual taxes?
$946
,Lorena and Julio purchased a home for $205,950. Their loan amount was $164,760, and the assessed
value is now $201,500. Their tax rate is 0.63%. How much will their monthly taxes be?
A. $105.79
B. $111.04
C. $191.37
D. $86.49
A. $105.79
Monthly taxes are calculated by multiplying the assessed value by the tax rate and dividing by 12. First,
take $201,500 (assessed value) x .63% (tax rate), which equals $1,269.45 in property taxes for the entire
year. Then divide $1,269.45 by 12 to find $105.79. Option A is the correct answer.
, Which of the following is a characteristic of a tax rate?
A. If used to fund political campaigns, the amount cannot exceed 20% and must be repaid within two
years.
B. It is applied to the market value.
C. It is based on the most recent fiscal year's previous budget.
D. It is certified by the NYS Office of Real Property Tax Services, and it may be a separate tax rate for
homestead vs. non-homestead properties. (Correct)
Tax rate is applied to assessed value, not market value, and the projected (not prior) fiscal year. It is not
used to fund political campaigns.
To ensure that assessments are fairly applied, the state tax law requires annual recalculation of
residential assessment ratios (RARs). Which of the following is a characteristic of a RAR?
A. RARs are only used in municipalities with fewer than five residential sales per year.
B. RARs are used in all municipalities.
C. RARs are used only when a homeowner requests it.
D. RARs are used by assessors use to determine equity. (Correct)
Assessors use RARS to determine equity in all municipalities except those conducting revaluation
projects and those that have had fewer than five residential usable sales that year.
value tends to remain steady, and people tend to pay them.
Property values generally remain steady. Because people don't want to risk losing their home, they are
highly likely to pay their property taxes. Also, because property taxes are connected to tangible
property, they are very difficult to conceal.
Property taxes generate approximately ______ of local government revenue.
One third
To calculate property taxes, multiply the ______ by the tax rate.
Assessed Value
Gabe's home has an assessed value of $172,000, and his tax rate is .55%. What are the annual taxes?
$946
,Lorena and Julio purchased a home for $205,950. Their loan amount was $164,760, and the assessed
value is now $201,500. Their tax rate is 0.63%. How much will their monthly taxes be?
A. $105.79
B. $111.04
C. $191.37
D. $86.49
A. $105.79
Monthly taxes are calculated by multiplying the assessed value by the tax rate and dividing by 12. First,
take $201,500 (assessed value) x .63% (tax rate), which equals $1,269.45 in property taxes for the entire
year. Then divide $1,269.45 by 12 to find $105.79. Option A is the correct answer.
, Which of the following is a characteristic of a tax rate?
A. If used to fund political campaigns, the amount cannot exceed 20% and must be repaid within two
years.
B. It is applied to the market value.
C. It is based on the most recent fiscal year's previous budget.
D. It is certified by the NYS Office of Real Property Tax Services, and it may be a separate tax rate for
homestead vs. non-homestead properties. (Correct)
Tax rate is applied to assessed value, not market value, and the projected (not prior) fiscal year. It is not
used to fund political campaigns.
To ensure that assessments are fairly applied, the state tax law requires annual recalculation of
residential assessment ratios (RARs). Which of the following is a characteristic of a RAR?
A. RARs are only used in municipalities with fewer than five residential sales per year.
B. RARs are used in all municipalities.
C. RARs are used only when a homeowner requests it.
D. RARs are used by assessors use to determine equity. (Correct)
Assessors use RARS to determine equity in all municipalities except those conducting revaluation
projects and those that have had fewer than five residential usable sales that year.
