New York: Property Tax
Property owners in New York State pay property taxes that are among the highest in the US. However, the government also offers exemptions. The exemptions are for:
1. People who use a home as a primary residence;
2. Senior citizens;
3. Veterans; and
4. Disabled property owners
Assessment of properties in most counties in New York is value-based. The county assessors make assessments at market value. Generally, an assessment is not made at full market value, but at a certain percentage of the market value. The assessment is made every year.
Some New York localities do not use the market value assessment system. Examples are New York City and Nassau County.
In a value-based assessment system, the value of a property is first assessed, and then this value is used to tax the property. The final amount of the property tax bill is calculated using the following formula:
Value of the Property x Property Tax Rate = Amount of Property Tax
The rates of property tax are set by local governments and vary from location to location. Therefore, the three major factors which determine the amount of the property tax bill are market value of the property, rate of tax, and location of the property.
You may wish to see Property Tax in the USA
1. People who use a home as a primary residence;
2. Senior citizens;
3. Veterans; and
4. Disabled property owners
Assessment of properties in most counties in New York is value-based. The county assessors make assessments at market value. Generally, an assessment is not made at full market value, but at a certain percentage of the market value. The assessment is made every year.
Some New York localities do not use the market value assessment system. Examples are New York City and Nassau County.
In a value-based assessment system, the value of a property is first assessed, and then this value is used to tax the property. The final amount of the property tax bill is calculated using the following formula:
Value of the Property x Property Tax Rate = Amount of Property Tax
The rates of property tax are set by local governments and vary from location to location. Therefore, the three major factors which determine the amount of the property tax bill are market value of the property, rate of tax, and location of the property.
You may wish to see Property Tax in the USA
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