IAAO 101 – Quizzes with correct answers

The basic responsibilities of the assessor are to _________ all taxable property. CORRECT ANSWER A. List B. Value C. Discover D. All of the Above One of the steps an assessor must take in the discovery of property is to: CORRECT ANSWER conduct periodic on-site inspections of properties The property tax is a/an _________________ tax, meaning it is based on value. CORRECT ANSWER ad valorem Assume the following characteristics for a single-family residence: Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the property tax for the residence. CORRECT ANSWER $3248.00 If a tax rate is $13.30 per 100, the decimal equivalent would be CORRECT ANSWER 0.1330 ______________ divided by the assessed value equals the tax rate. CORRECT ANSWER Budget Assessment level times the tax rate equals the_____________________. CORRECT ANSWER effective tax rate Given the following, compute a tax rate using dollars per hundred: