Exam Prep: Financing and Taxes 2023.

Exam Prep: Financing and Taxes 2023. What is an assessment? - ANSWER A percentage of market value What is an approved assessing unit? - ANSWER A taxing jurisdiction certified by the NYS Office of Real Property Tax Services What is an assessment review board? - ANSWER Hears property tax grievances What is a levy? - ANSWER The placement of tax that creates a lien on the property What is a special assessment district? - ANSWER A geographic area in which the properties benefit from a public improvement project What is a special assessment? - ANSWER A levy to fund community improvements What is an assessing unit? - ANSWER This may be a county, town, village, city or school district that assesses taxes What does ad valorem mean? - ANSWER According to value What is a homestead property? - ANSWER A category of properties that includes condominiums and vacant land not exceeding 10 acres zoned for one-, two-or three-family residential properties, and farm dwellings What is an appropriation? - ANSWER When the government sets aside funds for a specific use What is a nonhomestead property? - ANSWER Category of properties that includes industrial and utility properties What is a property tax lien imposed against? - ANSWER The property, not the individual (it is a specific lien) What is an undeclared improvement? - ANSWER Enhancement to a property without benefit of a building permit or notification to the taxing authority What is an in rem proceeding? - ANSWER A proceeding in which the assessor brings a lawsuit to collect property taxes due What is tax assessed value? - ANSWER A percentage of market value What tax break phased out in 2014? - ANSWER Exemption from federal taxes of forgiven mortgage debt (impacts short sale sellers)