New York · Chapter 20 of 26

Taxes and Assessments

How New York property taxes work: ad valorem taxation, assessed value and the assessment ratio, equalization, tax levy and tax rate calculations, taxing jurisdictions, special assessment districts, exemptions including STAR, the grievance process, SCAR, tax certiorari, and tax liens and foreclosure.

35-minute read · Built for the Salesperson Exam

ad valorem taxexempt propertiesassessed value vs. market valueuniform percentage of valueassessment ratio/level of assessmentequalization ratewelcome stranger (reassessment on sale) is illegaltax levy and tax ratetaxing jurisdictions (no state property tax)special assessment districtsveterans, senior and STAR exemptionsGrievance Day (fourth Tuesday in May)RP-524board of assessment reviewSCAR ($30 fee)tax certiorari30-day deadlinetax liens and in rem foreclosure

Purpose of Property Taxation

Real property taxes pay for local services: schools, police and fire protection, roads, parks and local government. The property tax is an ad valorem tax, meaning it is based on value. Real property is taxed because the tax is predictable for budgeting, real estate is hard to conceal or move, and land has historically been tied to wealth and productivity. Certain properties are wholly or partly exempt, such as property owned by governments, and property owned by nonprofit religious, charitable, educational and hospital organizations and used for exempt purposes. The more property that is exempt, the more the tax burden shifts to taxable property.

N.Y. Real Prop. Tax Law §§102, 420-a

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