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Can someone explain the difference between 'tax assessed' and 'tax paid'?

What kind of tax exemptions are available in New Rochelle?
I'm planning to move to this area soon.
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September 24 2010 - New Rochelle
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Profile picture for robin398
Hi hanskloss,

I just want to elaborate more on this answer.

Tax assessment begins with the value that is taxed of each parcel.  New York mandated either equitable or full-value assessment with variations from one jurisdiction to another adjusted through equalization rates.  When money is raised through taxation, it is then divided by the whole assessment roll which decides the tax rate.  The tax payment for each parcel is determined by multiplying the assessed valuation by the tax rate.

An owner may lose title to property for nonpayment of taxes if the property is sold at a tax sale.  New York allows a time period during which a defaulted owner can redeem his or her real estate from a tax sale.

Partial exemption from property taxes is granted to certain senior citizens on modest incomes (aged exemption), to some veterans, and to others for various reasons.

Robin Lynch
Keller Williams Realty Group
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September 26 2010
Profile picture for robin398
Hi hanskloss,

The best place to answer your question would be the New Rochelle Tax Department.  Here is their link:

http://www.newrochelleny.com/index.aspx?NID=202

Robin Lynch
Keller Williams Realty Group
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September 25 2010
The difference is:

Tax assessed is just a base value that is used for tax purposes as a gauge for taxes.  It is not market value.

Tax Paid is the acutally taxes that the owner has to pay.

Go on line and check your state for what is available for exemptions or consult with your tax man.

Eve in Orlando
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September 25 2010
 
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