Section 1505. Real property tax assessment.

The department shall have those powers and duties with respect to the assessment of real property for taxation as are prescribed by this chapter and, in addition such other powers and duties as may be conferred upon it by law. The department shall maintain in each borough an office for the performance of such powers and duties.

Section 1506. Duties of the assessors.

The assessors, under the direction of the commissioner, shall assess all the real property in the several districts that may be assigned to them by the commissioner and shall prepare the assessment rolls. The term "assessment" shall mean a determination by the assessors of (a) the taxable status of real property as of the taxable status date; and (b) the valuation of real property, including the valuation of exempt real property, and where such property is partially exempt, the valuation of both the taxable and exempt portions.

Section 1507. Taxable status of property.

The taxable status of all real property assessable for taxation in the city shall be fixed for the succeeding fiscal year on the fifth day of January in each year.

Section 1508. Assessment of real property.

The assessors shall commence to assess real estate on the first day of July in each year, not a Saturday, Sunday or legal holiday.

Section 1509. Statement of assessed valuation.

An assessor or other person designated by the commissioner shall compute from the annual record of the assessed valuation of real estate in each borough the total aggregate amount of the assessed valuation of real property appearing on such annual record for such borough, and shall transmit a statement of such aggregate amount to the commissioner on or before the fifth day of January in each year.