Real Estate Exam Chapter 13

A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer is known as what...?

Assessment

A city, county, town or village with the authority to value real property for purposes of taxation is known as what...?

Assessing Unit

A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which a tax is apportioned to recover the costs of the public improvement is known as what...?

Special Assessment Districts

A home that is generally unavailable during the time the client makes a reasonable effort to sell the property is known as what...?

Non-homestead

A home which is owned by and is the usual residence of a client, along with all the surrounding land and any building on that land, is known as what...?

Homestead

A proceeding against the reality directly, as distinguished from a proceeding against a person, is known as what...?

In Rem

A property is assessed at $260,000. The local municipality has an equalization rate of 40%. What is the market value of the property...?

650000

A property is assessed at $48,550. The tax rate is equal to 15.8%. What are the taxes owed on the property...?

7670.9

A property is valued at $375,000. What is the assessed value with an equalization rate of 1%...?

3750

A property is valued at $515,000. What is the assessed value with an equalization rate of 10%...?

51500

A SCAR proceeding is generally held where...?

Supreme Court Building

A SCAR proceeding is generally led by who...?

Appointee

A SCAR proceeding typically results in what...?

A written decision by the appointee

A valuation placed upon property by a public officer or a board, as a basis for taxation is known as what...?

Assessed Value

An assessment is NOT made on the highest and best use of a property but rather...?

The actual condition of the property

An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited is known as what...?

Special Assessment

An assessment of tax is known as what...?

Levy

An assessor explains to you that the market value of your property was converted to the assessed value using what's called an assessment ratio. The assessment ratio can also be considered what...?

Equalization Rate

An equalization rate is also known as what...?

Assessment Ratio

Chris wants to file a protest against a tax assessment conducted on his property from two years ago. What should Chris do first...?

It is too late to file the protest

Equalization rates set by different people may cause what...?

Differences in assessments

Every assessment role includes what...?

Tax Status Date

How can you successfully have your property reassessed through a SCAR proceeding...?

Prove that your property is over assessed by showing the assessed value of comparable properties in your neighborhood

If an assessor is going to change an assessment, generally speaking, what must the assessor do...?

Conduct a total assessment change for the entire assessing district

John is looking to assess a property in which he doesn't have access to the interior of the home. John knows from experience that the interior condition may affect the value of the property. How should John proceed with the assessment...?

Conduct an approximate assessment using his best judgment

John wants his assessment reduced by 30% since his property is located next to a power plant. The SCAR hearing officer granted John a 20% reduction, which is the maximum allowed in the State of New York. What should John do to get the full 30% reduction h

Return the following year and attempt to get an additional reduction

One can protest taxes based on what type of error...?

Factual Error

The amount of taxes on a property can affect what...?

The Value of the Property

The market value of a property is $320,000. The equalization rate for the local municipality is 15%. What is the assessed value...?

48000

The market value of a property is $450,000. The equalization rate for the local municipality is 7%. What is the assessed value...?

31500

The period during which taxpayers may protest the assessed value placed on their property is known as what...?

Grievance Period

The Receiver of Taxes issues what...?

Tax Bill

The total market value of a municipality is $24,000,000 while the total assessed value is $3,600,000. What is the equalization rate for the municipality...?

15 (Percent %)

The total market value of a municipality is $25,000,000 and the total assessed value of a municipality is $11,250,000. What is the equalization rate for the municipality...?

45 (Percent %)

The total market value of a municipality is $42,000,000 and the total assessed value of a municipality is $5,040,000. What is the equalization rate for the municipality...?

12 (Percent %)

What is a major factor that is always taken into consideration when doing an appraisal on a commercial property...?

Reserve Replacement

What is a primary responsibility of an agent with regards to tax rates and assessments...?

Obtain accurate information

What is an example of a special assessment...?

Library

What is the formula for determining the market value of a property...?

Assessment / Equalization Rate

What is the formula to determine how much a property is over assessed...?

Actual Assessment - Appraised Assessment

What property type uses SCAR when protesting real estate taxes and assessments...?

Residential

What should a property owner bring to a SCAR proceeding...?

Recently completed appraisal

What type of property is generally exempt from paying real estate taxes...?

Schools

When an entire community is being re-assessed, what technique is employed...?

Mass Appraisal Technique

Why may assessments differ...?

The assessments may have been done by different people

Why might a property owner want to decrease the taxes owed on their property...?

Increase the value of the property

Your property has been assessed for $10,200; however, a comparable property on your block was assessed at $7,500. How much has your property been over assessed...?

2700

Your property has been assessed for $5,200; however, a comparable property on your block was assessed at $4,000. What can you do in this situation...?

Challenge the assessment since your property is over assessed