5. Reduction of assessed ap praisers' list of properties showing the values allotted to each, are usually open to public inspection some time before the tax is fixed. If an owner feels that his property has been overvalued, he is given an oppor tunity to protest. He may base his objection upon the records of sales made or prices asked for land in the vicinity. He may show from values assigned to similar buildings, from rental statements, or from records of the cost of construction that his building is overvalued. The arguments advanced by the owner may lead to a reduction in his assessment.
The owner may show an inequality in his assessment compared to that of ,others, or he may show that the assessors have adopted an incorrect unit of value for the land. All similar land in the same neighborhood, as, for instance, inside lots in the same city block, should be assessed uniformly. If the value of one lot is reduced by the assessors, the values of all similar lots in the immediate vicinity should be similarly re duced. The assessors seek to ascertain the correct unit of value and then apply it equitably. The prin ciple of unit value applies to the lot only, as each build ing in the vicinity may be different from every other building and must be considered separately.
The property owner may appeal to the courts if he is not satisfied with the decision of the assessors re garding his claim of over-assessment. Such an appeal is frequently by a writ of certiorari. This term is ap plied to a proceeding whereby the court reviews the act of the public official to ascertain whether that official has acted in accordance with the principles of law by which he is bound. The court may order a reduc tion of the assessment if, upon the evidence submitted, it finds that the property has been over-assessed.
6. Taxes in New York the City of New York, there is a Board of Tax Commissioners consist ing of a president, six commissioners and a number of deputies. The city is divided into districts and a deputy assigned to each. The deputy makes up the assessed valuation lists for the real property in his district. The deputies begin to assess on April 1 of each year. On October 1, the records of assessed valuations are open for public inspection, and remain open until November 15. Application for the re duction of the assessed value of real estate must be filed on or before November 15. The books close
on November 16, and after that date the applica tions for reductions are considered and hearings held. On the first of the following February, the final assessment rolls are made up, and on March 1, these are delivered to the Board of Aldermen. On March 3, the Board of Aldermen fix the tax rate and on March 28, they deliver the assessment rolls to the Receiver of Taxes. Using the tax rate and the assessed valuation of each piece of property, the amount of the tax apportioned to each parcel is computed. The tax is payable in two instal ments, one due May 1 and one due November 1. If the tax is not paid in the month in which it is due. interest at the rate of seven per cent per annum, com puted from the due date of the instalment is added. If the instalment, due November 1, is paid after May 1 and before the date due, a discount at the rate of four per cent per annum is allowed. Each half of the tax becomes a lien . by law on the real estate on the day it is due. Outside New York City, it is the usual rule that as between buyer and seller, the tax is a lien as soon as it is fixed definitely, altho it may not be collectible until a future date.
The tax budget for New York City is made up as follows: The various departments submit estimates to the Board of Estimate and Apportionment. After investigations and the holding of public hearings a ten tative budget is prepared. This budget is referred to the Board of Aldermen after it has been approved by the Board of Estimate 'and Apportionment. The Board of Aldermen may reduce or eliminate some of the items, but may not increase any. The reductions and eliminations are subject to the mayor's veto. The budget for the ensuing year must be certified before December 25 and be published in the City Record before December 31 of each year. The amount of the budget, less certain items of city revenue, divided by the total assessed valuation of taxable property, real and personal, gives the tax rate fixed by the Board of Aldermen. The rate varies slightly in the differ ent boroughs by reason of the differences in the amount to be raised for the county governments in which the respective boroughs are located.