Publication Date

4-26-2009

Category

Economic Development

Abstract

The property tax is essentially a tax placed on property owners by the municipality. Cities outside of New York City may use only revenue sources authorized by New York State, and the property tax is one of those few sources. The property tax is based on the value of the property. The tax is calculated by multiplying a property’s taxable assessment by the tax rate that applies to the tax jurisdiction where the property is located.

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