New York Legal Description: A New York legal description refers to a detailed identification of a piece of real property in the state of New York. It is a precise and standardized way to outline the specific boundaries, measurements, and other essential details of a property, providing an accurate record for legal, administrative, and regulatory purposes. In New York, there are different types of legal descriptions used depending on the nature of the property. These include: 1. Metes and Bounds Description: The metes and bounds legal description is commonly used for irregularly shaped parcels of land. It involves starting at a specific point of reference, such as a monument or a landmark, and then proceeding to describe the property's boundary lines by providing the distances (in feet or meters) and directions (north, south, east, west) between each consecutive point. This description may include angled lines, curves, and non-cardinal directions, making it precise but potentially more complex to interpret. 2. Lot and Block Description: The lot and block legal description, also known as the recorded plat description, is used for properties located within a platted subdivision or development. It references an official recorded map or plat that divides the land into individual lots and assigns them unique identification numbers or names. The legal description will consist of the specific lot number, the block number in which it is located, and the name of the subdivision or development. Well or Unit Information: In the context of oil and gas exploration and production, well or unit information provides crucial details about the well locations, production zones, and the regulatory aspects of their development. In New York, there are two main types of well or unit information: 1. Well Information: Well information encompasses data related to individual wells, including their location coordinates, well bore depths, drilling history, completion details, ownership, production rates, and any regulatory permits or reports associated with the well. This information is vital for monitoring and managing the well's performance, ensuring compliance with environmental regulations, and evaluating its economic viability. 2. Unit Information: Unit information pertains to the creation and management of drilling units, often referred to as drilling or spacing units, for oil and gas exploration purposes. A drilling unit combines multiple contiguous or noncontinuous leases or tracts of land into a single unit to efficiently exploit the subsurface resources beneath them. This information typically includes the size and shape of the unit, a list of participating leases or tracts, the designated unit operator, and any relevant production pooling or sharing agreements among the unit owners. Accurate and comprehensive New York legal descriptions and well or unit information play a crucial role in various industries, including real estate transactions, land development, and oil and gas exploration. They facilitate legal clarity, create boundaries, and ensure regulatory compliance, providing a foundation for informed decision-making and effective resource management.
New York Legal Description and Well or Unit Information
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FAQ
The assessed value is set when a property is purchased or transferred and is called the ?base year value.? After that, the base year value can only increase two percent or less each year, even if inflation is higher.
DETERMINE ASSESSED VALUE We multiply your property's market value by 45% (its ?level of assessment?) to determine its ?actual assessed value.? Assessed value increases on buildings with 10 or fewer units are capped at a percentage set by state law.
The assessor's primary responsibility is to annually determine the proper taxable value for each property so the owner is assured of paying the correct amount of property tax for the support of local government.
Whether an agent is preparing a comparative market analysis (CMA) or an appraiser is completing an appraisal report, fair market value is often calculated by taking the value of three or more comparable homes, or comps, that have recently sold and obtaining an average, Garrity says.
Definition: For the purpose of taxation, a property is assessed for its monetary worth. This ascertained price is known as assessed value. Description: This assessment is done at an annual basis, considering factors such as property values and market conditions in the neighboring areas.
Assessed value is the value of a property, as determined (assessed) by a tax assessor or appraiser, for tax calculation purposes. [Last updated in June of 2021 by the Wex Definitions Team]
Market value is how much a property would sell for under normal conditions. Assessments are determined by the assessor, a local official who estimates the value of all real property in a community.
To appeal the Department of Finance (DOF)'s assessed value or tax class or the denial of a not-for-profit exemption, you must file a completed, appeal form and all necessary proof to the NYC Tax Commission in person or by mail.
