Property Valuation
Under New York real property tax law, the basis for assessing real property is:
AThe most recent sale price of the property
BThe assessed value established by the local assessor, which may differ from market value✓ Correct
CThe replacement cost as determined by the state
DThe income generated by the property times a state-mandated capitalization rate
Explanation
In New York, real property is assessed by the local assessor. The assessed value is set as a fraction of market value (the 'level of assessment'), which varies by municipality.
Related New York Property Valuation Questions
- A New York appraiser adjusting a comparable sale for a feature the comparable has but the subject property lacks would make a:
- In New York, a commercial property's 'potential gross income' (PGI) represents:
- Comparables used in the sales comparison approach should ideally be:
- Assemblage refers to:
- When an appraiser says a property has 'curable physical deterioration,' they mean:
- The GRM (Gross Rent Multiplier) approach is most commonly used for:
- In New York City, a residential property's capitalization rate is typically:
- In New York, a property owner who disagrees with the assessed value may file a:
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