Taxes and Assessments Already Passed

Taxes and Assessments Already Passed What is the purpose of taxation? If a property is based on "ad valorem" what does that mean? The assessed value of a property is $70,000. The tax rate is $1.25 per $100 of value. What would the annual taxes on this property be? Formula for tax rate: Rate = Tax dollars needed/Taxable assessed value Scenario: A home valued at $100,000 is assessed at a uniform percentage rate of 15%. The assessed value of that home would be $___________. Using the tax rate of $50 per $1,000 of value, the tax bill for the home would be $_________. Calculate the following tax bills: 1. Greg's home is valued at $250,000. The home is assessed at 80 percent of its value. The tax rate is $2.25 per $100 of assessed value. What is Greg's annual tax bill? 2. Sally's home is valued at $150,000. The home is assessed at 100 percent of its value. The tax rate is $30 per $1,000 of assessed value. What is Sally's annual tax bill? 3. Susan's home is valued at $300,000. The home is assessed at 90 percent of its value. The tax rate is 5 percent. What is Susan's annual tax bill? What is a tax levy? Unequal assessment Excessive assessment Unlawful assessment Misclassification are the 4 grounds for ________________ review. What are the possible outcomes of an administrative review? A homeowner's total tax bill is derived by: A. dividing tax requirement by tax base B. multiplying each district's tax rate times the assessed value of owner's property C. dividing tax dollars needed by the taxable assessed value D. averaging tax rate for each tax district and multiplying average tax rate times the assessed value If an assessment increases A. taxes will automatically increase B. number of exemptions will increase C. it doesn't mean taxes will automatically increase D. taxes will automatically decrease "Assessed value x tax rate = annual taxes" is the formula for calculating A. exemptions B. equalization rate C. homestead tax D. property tax The Real Property Tax Law requires that state equalization rates be established ____________ for ________________. A. quarterly; each local taxing authority B. annually; each county, city, town and village C. monthly; each county D. annually; the state of NY A(n) ____________________ proceeding is a legal process that a property owner can use to challenge his or her property tax assessment. A. ad valorem B. tax certiorari C. funds praedim D. in rem The New York State Office of Real Property Services (ORPS) developed an equalization rate to A. spread collected taxes equally throughout the state of NY B. average assessed taxes C. determine at what % of market value different municipalities are assessing D. indicate degree of uniformity among assessments within a municipality What is a unique characteristic of a special assessment tax? A. It only applies to properties which will benefit from public improvement B. Equalization board discounts levies for properties not affected by public improvement C. More valuable properties which stand to benefit will pay proportionately more taxes D. it creates an involuntary junior lien on the property What does a tax certificate do? A. certifies tax collectors that a property owner has paid all ad valorem taxes for the year B. entitles holder to apply for tax deed after certain period C. exempts holder form paying taxes on particular property referenced by certificate D. waives property owner's rights of redemption in a foreclosure Local taxing authorities can make real property exemptions. A common exemption is made for: A. teachers B. gov't employees C. military veterans D. doctors Where does a property owner file an assessment complaint? A. Mayor's office in city/town where property is located B. local taxing authority in city/town where property is located C. NYS legislature D. with either the assessor or board of assessment review in the city/town where property is located What are the possible outcomes after an assessment review board has completed its hearing? A. partial denial or full reassessment B. acceptance of property owner's figures C. 2nd review by assessment board in neighboring county D. full denial, full reassessment, or partial reassessment A veteran's property tax exemption is for property purchased with eligible funds. Which of the following does not fall in the eligible funds category? A. Pension B. Bonus C. Lottery winnings D. Insurance money