What Kind Of Property Is Assessed?

All real property, commonly known as real estate, is assessed. Real property is defined as land and any permanent structures attached to it. Some examples of real property are houses, gas stations, office buildings, vacant land, shopping centers, apartment buildings, and restaurants.




A property's value can be estimated in three different ways:

1. Market approach
The property is compared to others similar to it that have sold recently, using only sales where the buyer and seller both acted without undue pressure.


2. Cost approach
Calculate what the property would cost, using today's labor and material prices, to replace the structure with a similar one. This method is used to value special purpose and utility properties.


3. Income approach
Analyze how much income a property, like an apartment building, a store, or a factory, will produce if rented. Operating expenses, insurance, maintenance costs, financing terms, and how much money owners expect to make on this type of property are considered.

Once the assessor estimates the market value of a property, its assessment is calculated. New York State law provides that all property within a municipality be assessed at a uniform percentage of market value. Everyone pays his or her fair share of taxes as long as every property in a locality is assessed at the same percentage of value.