Glossary of Terminology
Assess: To place a value on property for tax purposes.
Assessment Level: The rate at which property is assessed.
Assessment Review: Taxpayers who object to their assessments have several options for appeal; the first is an administrative review by the Assessorís Office; the second is at the Board of Appeals/Review; the third is to file an appeal at the Property Tax Appeal Board; and, the fourth is to file an objection in Circuit Court.
Assessed Value: The Fair Market Value multiplied by the assessment level for a class of property.
Classification: The process of dividing property into classes for purposes of taxing at varying rates or on different bases.
Equalized Assessed Valuation (EAV): The assessed valuation multiplied by the equalization factor.
Equalization Factor: A factor determined by the New York State Department of Revenue each year to ensure an equal assessment among all counties in the state. State statute requires that the aggregate value of assessments within each county must be equalized at 33 1/3% of the estimated Fair Market Value of real property in the county. Also known as the "multiplier."
Exemption: Release from liability for payment of taxes.
Extension: The calculation of the tax rate by the County Clerk based on the local municipalityís tax levy.
Fair Market Value (FMV): The value the Town of Eden Assessor places on each parcel of real estate. Typically this is accomplished by evaluating sales information for comparable pieces of property in the area. (Also known as Property Value)
Market Value: The amount a property could sell for on the open market.
Property Tax: The local tax on the value of real property, land, buildings and homes. Major revenue source for funding local services such as schools, libraries, health services, public works and parks.
Tax: A mandatory payment to the government in order to fund government services.
Tax Base: The total body of tax revenues.
Taxing Body: Units of governments that collect taxes to fund government services;
Tax Incentives: Incentives include exemptions, deferrals, abatements or tax credits. Incentives were established to stimulate a specific type of new growth (i.e. affordable housing) or growth in areas of economic need.
Tax Levy: The amount in real estate taxes requested by each taxing body.
Tax Rate: The tax levy divided by the total equalized assessed valuation.
1-Who is responsible for the increase in property taxes?
Property taxes are determined by the municipalities in which the properties are located. The municipalities have different financial needs for each of their agencies, such as the public schools, the libraries, fire and police departments, etc. The taxes in those municipalities may increase based on the needs of that community.
2- Does the Assessorís Office send out the tax bills?
No. The primary responsibility of the Assessor is to estimate the property value of the property in Eden. The tax bills originate from the Eden Town Clerk's Office.
3- My "Notice of Assessed Valuation" indicates a property value that is lower than what I could get if I sold my property. Why is that?
Your property is assessed based on a mass appraisal system, termed regression analysis. Under that system, the sale prices for homes in an area are averaged and factored into the property values of all homes in that area. Though this value may be lower than your homeís actual property value, it will not affect the resale value of your home.
4- How long do I have to live in my house in order to qualify for the Homeowner Exemption?
You, or the prior owner, if applicable, must have resided at your property as the principle place of residence as of May 1st of the year in question.