Valuation standards: Definitions

Terms that are commonly used in real property appraisal such as mass appraisal, statistics, assessment administration, and measurement of assessment performance, etc., follow the International Association of Assessing Offices (IAAO) terms and definitions as listed in the Glossary for Property Appraisal and Assessment.

Terms specific to the NYS Office of Real Property Tax Services

Assessor Manuals

The Assessor Manuals, entitled "Data Collection and Maintenance of Property Inventories," published by the Office of Real Property Tax Services (ORPTS).

Complex properties

Unique properties where the appraisals require either the professional use of highly specialized engineering skills or the development of highly complex earnings or economic analyses (usually in reference to  1544 RPTL).

Current use

Its condition on the taxable status date, without regard to future potentialities or possibilities and may not be assessed on the basis of some use contemplated in the future" (434 N.Y.S.2d at 490). The Fourth Department reiterated its conclusion in Farone & Son, Inc. v. Srogi, 96 A.D.2d 711, 465 N.Y.S.2d 373 (4th Dept., 1983).

New York State Real Property System (RPS)

It's a set of instructions, documentation and computer software provided by  ORPTS to assist localities with assessment administration, inventory maintenance and property valuation.

Property Record Card (RP-3100 & RP-3105)

RP-3100 and RP-3105 are specially designed forms used to record specific items of real property inventory data. These form has been designed to facilitate the collection of residential, farm, vacant, and commercial data and to comply with existing rules and regulations governing data collection.

Real Property Transfer Report form (RP 5217)

RP-5217 is used to record the data associated with real property transfer within New York State. As per Real Property Law Section 333, an original RP-5217 form must accompany all deeds (and correction deeds) upon filing.

Special purpose property

A structure, which in uniquely adapted to the business conducted upon it or use made of it and which cannot be converted to other uses without the expenditure of substantial sums of money. It may also mean real property with respect to the value of which some intangible element inheres, such as the owner's prestige.

Taxable Status Date (302)

The taxable status of real property in cities and towns shall be determined annually according to its condition and ownership as of the first day of March and the valuation thereof determined as of the applicable date.

Value

For purposes of real property tax administration, most recently in 10 Op.Counsel SBRPS No. 34, where we stated:

"The basic rule of law is that "[t]he 'market value of real property is the amount which one desiring but not compelled to purchase will pay under ordinary conditions to a seller who desires but is not compelled to sell' [citations omitted]" (W.T. Grant Co. v. Srogi, 52 N.Y.2d 496, 510, 420 N.E.2d 953, 438 N.Y.S.2d 761, 767 (1981); see also, Parklin Operating Corp. v. Miller, 287 N.Y. 126, 38 N.E.2d 465 (1941))."