Set forth below are terms with definitions that have been modified for practical application. The reader may find different definitions from other published documents; however, concepts should be the same.
Assessment- This represents a property assessment in dollars, which is placed on the assessment roll according to each SBL. Tax levies are then compared to total assessment in order to create a tax rate.
Assessors Level of Assessment- This is the determined level of assessment in which the local taxing jurisdiction or assessor's office determines their stand which converts assessments to a uniform percentage of market value. Level of assessments can be different than equalization rates.
Building Style- For residential properties, this denotes the style of home which is often used as a criteria and yardstick for comparability. The style of homes vary considerably but include Ranch, Colonial, Split Level, etc.
Equalization Rate- The State Board of Equalization annually samples all types of properties in given communities. From appraisals and sales, which are compared to assessments, weighted ratios are determined. State equalization rates have many uses, one of which is a yard stick which converts assessments to a market value standard.
Exemptions- Exemptions is a word to describe an assessment reduction where legally warranted. There are many types of exemptions, these including but not limited to veterans exemptions, senior exemptions, industrial development agency exemption and local authorized exemptions under state law.
Final Roll Filing- This date is July 1, 2003 and represents the date on which the roll is final. Changes cannot be made subsequent to this date except for those authorized by the courts.
Grievance Day- The third Tuesday in May in which the property owners can protest their assessment before an independent grievance board.
Market Value- Market value in the real estate world represents the price in which real estate will sell for considering willing sellers and buyers, transacting a contract at arm's length. Normal marketing time to create a sale between non-relatives is presumed.
Property Class- All properties in New York receive three digit numbers identifying their use. For example, residential single-family homes are known as 210.
Residential Ratios- This is the rate determined by the State Board of Equalization through sample residential sales compared to assessments. A weighted average is computed and published annually.
SBL- Section, Block and Lot, a legal description taken from tax maps that identifies each legal tax entity.
SFLA- The computed square footage of a building or home considering outside dimensions.
Swis Code- This is a four-digit code used throughout New York State to identify incorporated communities.
Tax Levy- This is the total budget or the amount of money that elected officials or board members resolve annually that must be raised to run government and school districts.
Tax Map- An official map showing the meets and boundaries of properties. New York State has a uniform mapping system that was instituted statewide approximately 20 years ago. These maps are currently maintained by Niagara County.
Tax Rate- This is a dollar amount expressed per 1,000 and representing the entire levy to be raised in any community divided by the total taxable assessment roll.
Tentative Roll Date- May 1 - This is the date in which the preliminary assessment roll is filed, typically through the official newspaper of the community. Assessments can be modified after the roll has been filed.
Year Built- As opposed to an effective age of real estate, the year built is the date in which the building was constructed.