Terms You Should Know
Reduction in tax dollars. (See Senior Tax Abatement)
Adjusted Comp Value:
Sale price of the similar property plus/minus the net adjustment.
Adjusted Market Value (Equalized Full Value):
Adjusted Market Value is used in the calculation of property taxes and as the basis for filing an appeal; it reflects limitations on increases in assessed value. Any adjustments to the Final Assessment Roll can be viewed by going to the Appeals Reduction page of this web site.
Percent of value of total building or complex.
Assessed value is a uniform percentage of the market value of the property as of January 2 of any given year. (Market Value x Level of Assessment = Assessed Value)
The elected Chairman and appointed members of the Board of Assessors. They are legally responsible for valuing all real property within the Board's jurisdiction.
The process of determining the value of real property for the purpose of fair distribution of taxes.
The official listing of the assessed value of all real property within the Board of Assessors jurisdiction.
Basement Area - The substructure or foundation of a building. Typically, this is the lowest habitable story of a building, usually below or partially below ground level.
NONE - No basement under the primary residential structure
¼ PART BSMT - ¼ basement (¼ of the square foot area of the primary first floor) or a slab under the primary residential structure
½ PART BSMT - ½ basement (½ of the square foot area of the primary first floor) or a crawl space under the primary residential structure
¾ PART BSMT - ¾ basement (¾ of the square foot area of the primary first floor) under the primary residential structure
FULL - Full basement under the primary residential structure
Finished Basement Living Area -
The lower level of a High Ranch (Raised Ranch) or Split Level (Bi-Level) style home.
Typically, the use and finish of the lower level is similar to the use and finish of the upper floor area. It is often partially above grade and has part or full size windows. The value contribution to the Full Market Value of Finished Basement Living Area is similar to the main living area.
Recreation Room -
The basement level of a residential structure that is used for recreation use. Typically, to enter the basement level, one would walk down a full flight of stairs. It usually only has small "basement" size windows. The quality of the finish is typically not the same as the quality as the remainder of the residence. The value contribution to the Full Market Value of Recreation Room Area is less than the main living area.
Note: The exception to the Recreation Room is a WALK-OUT basement. Typically, the topography of the land that a WALK-OUT home is built on is sloping allowing both the front and rear of the structure to be a ground level. If the finish of the lower level is comparable to the finish of the upper floor levels, it should be considered Finished Basement Living Area.
Board of Assessors:
A board consisting of a Chairman elected by all the county's voters and four members appointed by the County Executive and approved by the County Legislature. The County Charter requires that two of the members be from the Town of Hempstead, the most populous town and one each from the towns of North Hempstead and Oyster Bay. The Board elects one of its members as Vice Chairman.
(Condition – Desirability – Utility) Codes denoting the composite rating of the overall condition, desirability and usefulness of a property. The codes used are: Excellent, Very Good, Good, Average, Fair and Poor.
The class of real property as defined in Article 18 of the Real Property Tax Law that includes one, two and three-family houses and residential condominiums of three stories or less and most residential vacant land.
The class of real property as defined in Article 18 of the Real Property Tax Law that includes apartment buildings, residential cooperatives and residential condominiums of four stories or more.
The class of real property as defined in Article 18 of the Real Property Tax Law that includes all public utility equipment defined as real property in state law.
The class of real property as defined in Article 18 of the Real Property Tax Law that includes all properties not defined in the first three classes. This class contains primarily commercial and business properties and vacant land.
Properties recently sold used to establish a market value for a subject property.
Department of Assessment:
The department headed by the Chairman of the Board of Assessors responsible for determining the value of real property in Nassau County for purpose of equitable distribution of taxes.
Direct charges against property included in the total tax bill, but not based on assessed value. For example: charges for sidewalk and curb repair and maintenance, delinquent water bills, demolition of dangerous structures, weed and brush removal, etc..
Empire Zones(EZ's) are designated areas throughout the state that offer special incentives to encourage economic and community development, business investment and job creation. Certified businesses located within an EZ are eligible to receive significant tax credits and benefits. Additional information is available at www.NYLovesBiz.com.
A rate established by the NYS Office of Real Property Tax Services to show the relationship between average assessment value of all property and full market value of all property in each taxing jurisdiction.
The part of a property’s assessed value that is subtracted before the taxes are calculated.
Fair Market Value:
The value determined by the Department of Assessment, which reflects the amount of money a buyer would be willing to pay a seller for property offered for sale on an open market, over a reasonable amount of time, where both the buyer and seller are well informed and neither is under undue pressure to act. The Adjusted Market Value is used in the calculation of property taxes and as the basis for filing an appeal; it reflects any and all adjustments and limitations on increases in assessed value.
Indicates the quality of construction – materials and workmanship.
The period (January 2nd through March 1st) during which taxpayers may protest the assessed value placed on their real property.
All buildings, structures, pools, patios and anything else affixed to land.
Level of Assessment (LOA):
The percentage of Market Value at which properties are assessed within a class. The LOA may vary by tax year.
Liber & Page:
System of indexing deeds and mortgages. Liber (book) & Page numbers for a specific property are available in the Office of the County Clerk.
This information is presently being collected and is not listed on all properties. Location indicates a parcel's specific location as compared to other parcels in the neighborhood. Typically this could be a street in a neighborhood that is considerably superior or inferior to the other streets in the neighborhood.
Multiple Regression Analysis (MRA):
Multiple regression analysis is a statistical technique used to analyze residential data in order to predict market value. The assessor, with the help of a statistics program, analyzes predetermined variables like bathrooms, garages, and square footage in a large group of current sales in a given market area (also referred to as a neighborhood or model) to determine the relationship of each variable to the sale price. Typical variables in a model include: Square footage, Location, Bathrooms, Garages, Porches, Fireplace, In-ground Pool, Basements, and Heat/Air Conditioning. Selection criteria for comparable sales include: School District, Style, Neighborhood, Year built, Water Influence, Square Footage, and Village.
Sum of the plus and minus adjustments made to the comparable sale property price in relation to the subject property.
Net School Tax:
The school tax (not including library and recreation) after the exemption savings have been subtracted.
Office of Real Property Tax Services:
(formerly known as Board of Equalization and Assessment) A New York State agency. Its primary function is calculating state equalization rates for each taxing district in the state. The residential assessment ratio (RAR) and class ratios are also calculated by "the Board"as well as other technical information. Upon request, the Board also provides assistance to local assessors.
Land and all buildings, structures, pools, patios and anything else affixed to the land (improvements).
Residential Assessment Ratio:
A rate established by the NYS Office of Real Property Services to show the relationship between the average assessment value of Class I property and the average sale price of those Class I properties that sold in the past year.
Taxes are restored when there is a transfer of ownership from a person entitled to an exemption to a person not entitled to an exemption. The property is retroactively taxed for the portion of the fiscal year subsequent to the transfer
Senior Tax Abatement:
Originally enacted in 2002, the Senior Abatement is partial tax abatement on the county portion of taxes on residential property located in Nassau County and owned by a Senior Citizen currently receiving the Enhanced Star Exemption. (Through 2015.)
Small Claims Assessment Review:
A special small claims hearing established to review challenges to the assessment of owner-occupied one, two and three- family houses and residential condominiums of three stories or less.
Subdivisions within the county that provide special services in specific areas. Examples include fire protection, water, light, park, refuse removal and disposal, and sewer districts.
State Wide Information System Code used by the State of New York. Uniform NYS coding of each county, town, village and school district.
The total taxable assessed value of real property within the county, towns, school districts and special districts. By law, the Board of Assessors must certify this amount to each taxing jurisdiction.
The total amount of money to be raised by the property tax by any taxing jurisdiction in a given year. The amount is determined by the budget of the local government or other taxing jurisdiction.
A lien or claim against property for unpaid taxes.
A rate per one hundred dollars of assessed value expressed in dollars and cents. Each local governing body - county, town, school and special district - determines its own budget. The amount to be raised by taxes, divided by the assessed value from the jurisdiction would equal the tax rate per $100 of assessed valuation
A list of every property within a jurisdiction that is subject to taxation.
Tax Roll Status-Final:
No changes can be made to the Assessed Value unless there is an award as a result of a successful ARC grievance, SCAR review, or Certiorari proceeding.
Tax Roll Status-Tentative:
Limited changes may be made to the Tentative Assessed Value (for example: ARC grievances, new construction, major additions, demolition or fire damage). Change will not be displayed until the Assessment Roll becomes final.
Taxable Status Date:
The date on which the assessed value and taxable status are fixed for all properties in a taxing jurisdiction. In Nassau County the Taxable Status Date is January 2.
Time Adjusted Sale Price:
The subject's sale price adjusted for time to the date of valuation.
Transitional Assessed Value:
The assessed value annual increase limit on ClassII and IV property. The assessed value on these properties cannot increase more than 20% in any given tax year. This does not include physical increases.
Weighted Average :
An average of the Adjusted Sale Prices weighted by the extent of the adjustments made to the sale price of the comparable.