Once I have an exemption do I need to reapply each year? (See our web page for local option exemption information.) Some local option exemptions have further options which can change the value of the exemption from one town to the next. Some exemptions must be granted unless the taxing jurisdiction passes a local law to opt out. Some exemptions are optional the taxing jurisdiction must pass a local law allowing the exemption. Some exemptions are mandatory by state or federal law the assessor must grant them if the property owner qualifies. The reduction can be for part of the value (like Veterans or Senior Citizens exemptions) or for the entire value (like hospitals, firehouses, or schools.) An exemption can only be granted pursuant to a specific State or Federal law. The tax rate is multiplied by the parcel's assessment, minus any exemptions, to determine the tax dollars owed.Īn Exemption reduces the taxable value of real property.The Levy is divided by the sum of the assessments to determine the tax rate.The amount of money that will be collected (the Tax Levy) is determined by the governing body.All assessments in the taxing jurisdiction, minus all exemptions, are added together.How is an assessment used to determine my tax bill?Īt its simplest level, your assessment is multiplied by the tax rate to determine what your tax bill will be. Some states do levy taxes on personal property. In New York State personal property is not taxed. This includes things like boats, airplanes, clothing, jewelry, money, toys, etc. Generally, anything that can be readily moved without harm or diminishing its value is considered personal property. land, buildings, trees, minerals, etc.) and the rights associated with owning real estate. The only exceptions are roads and public rights of way.įor the purpose of general discussion, "Real Property" is synonymous with "Real Estate." Real Property is real estate (i.e. The assessor must assess all real property (including hospitals, schools, government owned buildings, etc.) within his or her assessing unit.
All properties in the assessing unit must be valued at the same fraction (percentage) of market value. The assessment can be at market value, or at some fraction of market value. An assessment is an estimate of the value of a piece of real property established for the purpose of taxation.
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