When is the Taxable Status Date considered in property assessment?

The Taxable Status Date is significant because it marks the deadline for determining the taxable status of property for the assessment year. In New York City, the Taxable Status Date falls on January 5th.

This date is crucial for property owners and assessors alike, as it establishes which properties will be subject to taxation based on their status on this particular date. Any changes in ownership, use, or occupancy that occur after January 5th will not affect the current assessment cycle; they will be considered for the next assessment year.

Consequently, understanding the Taxable Status Date allows property owners to be aware of the timing for reporting any changes that could impact their property's assessment and ensures that assessors have a clear-cut deadline for evaluating properties for tax purposes. Thus, selecting January 5th is accurate regarding the timing of property assessment activities related to the taxable status of properties.