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NYC City Assessor (Promotion) Examination ACTUAL EXAM
COMPLETE QUESTIONS AND DETAILED SOLUTIONS LATEST
UPDATE THIS YEAR-JUST RELEASED
SUMMARIZED EXAM COVERAGE (ALL CONTENTS COVERED)
The NYC City Assessor Promotion Exam primarily tests your ability to:
• Determine market value using sales, income, and cost approaches
• Apply NYC tax classes and assessment ratios correctly
• Analyze income-producing properties using NOI and cap rates
• Interpret rent rolls, leases, and expense statements
• Apply exemptions and abatements accurately
• Perform field inspections and interpret permits/COs
• Ensure uniformity and defend assessments during grievances
• Follow NYC/NY State legal requirements, deadlines, and ethics
• Perform math calculations related to valuation and assessment
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Q1
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.
Q2
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.
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Q3
A commercial building has gross potential income of $500,000, vacancy loss of 5%, and operating
expenses of $180,000. What is the NOI?
A. $320,000
B. $295,000
C. $245,000
D. $205,000
Answer: B
Rationale: EGI = 500,000 × 0.95 = 475,000. NOI = 475,000 − 180,000 = 295,000.
Q4
A Class 1 homeowner argues their assessed value rose more than their market value increased. What
feature of Class 1 assessment rules is most relevant?
A. Class 1 properties have assessment caps limiting annual assessed value increases
B. Class 1 properties are valued only by the cost approach
C. Class 1 properties have no market value determination
D. Class 1 properties use only income approach methods
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Answer: A
Rationale: NYC Class 1 properties have limits on assessed value growth, and assessed value may differ
from market value due to caps.
Q5
When applying the sales comparison approach, which comparable sale is generally the best indicator of
value?
A. The newest sale in the city regardless of location
B. The most similar property with an arm’s length transaction in the same market area
C. The highest-priced sale because it benefits the city
D. The lowest-priced sale because it benefits the taxpayer
Answer: B
Rationale: Comparable sales should be similar in location, use, size, and condition, and must reflect
arm’s length transactions.
Q6
An assessor is reviewing a rent roll for a stabilized apartment building. What is the most important
reason to verify lease terms?
A. To determine whether tenants have pets
B. To confirm actual income and detect below-market or regulated rents affecting NOI
NYC City Assessor (Promotion) Examination ACTUAL EXAM
COMPLETE QUESTIONS AND DETAILED SOLUTIONS LATEST
UPDATE THIS YEAR-JUST RELEASED
SUMMARIZED EXAM COVERAGE (ALL CONTENTS COVERED)
The NYC City Assessor Promotion Exam primarily tests your ability to:
• Determine market value using sales, income, and cost approaches
• Apply NYC tax classes and assessment ratios correctly
• Analyze income-producing properties using NOI and cap rates
• Interpret rent rolls, leases, and expense statements
• Apply exemptions and abatements accurately
• Perform field inspections and interpret permits/COs
• Ensure uniformity and defend assessments during grievances
• Follow NYC/NY State legal requirements, deadlines, and ethics
• Perform math calculations related to valuation and assessment
, Page 2 of 108
Q1
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.
Q2
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.
, Page 3 of 108
Q3
A commercial building has gross potential income of $500,000, vacancy loss of 5%, and operating
expenses of $180,000. What is the NOI?
A. $320,000
B. $295,000
C. $245,000
D. $205,000
Answer: B
Rationale: EGI = 500,000 × 0.95 = 475,000. NOI = 475,000 − 180,000 = 295,000.
Q4
A Class 1 homeowner argues their assessed value rose more than their market value increased. What
feature of Class 1 assessment rules is most relevant?
A. Class 1 properties have assessment caps limiting annual assessed value increases
B. Class 1 properties are valued only by the cost approach
C. Class 1 properties have no market value determination
D. Class 1 properties use only income approach methods
, Page 4 of 108
Answer: A
Rationale: NYC Class 1 properties have limits on assessed value growth, and assessed value may differ
from market value due to caps.
Q5
When applying the sales comparison approach, which comparable sale is generally the best indicator of
value?
A. The newest sale in the city regardless of location
B. The most similar property with an arm’s length transaction in the same market area
C. The highest-priced sale because it benefits the city
D. The lowest-priced sale because it benefits the taxpayer
Answer: B
Rationale: Comparable sales should be similar in location, use, size, and condition, and must reflect
arm’s length transactions.
Q6
An assessor is reviewing a rent roll for a stabilized apartment building. What is the most important
reason to verify lease terms?
A. To determine whether tenants have pets
B. To confirm actual income and detect below-market or regulated rents affecting NOI
