IAAO 101 Exam Questions with All Complete Solutions

IAAO 101 Exam Questions with All Complete Solutions The basic responsibilities of an Appraiser to all taxable property. - ANSWER 1. Discovery 2. Listing 3. Valuation The taxable location of personal property is referred to as its' - ANSWER Situs The type of value usually estimated by an Appraiser is the - ANSWER Market Value The effective tax rate reflects the ratio between what - ANSWER The current tax bill and the property value Assessment level times the tax rate equals - ANSWER The effective tax rate _________ divided by the assessed value equals the tax rate. - ANSWER Budget _________ is the physical land and everything permanently attached to it. - ANSWER Real Estate Property tax is an _________. - ANSWER ad valorem tax How do you calculate the Assessment Ratio of a property? - ANSWER Assessed Value ÷ Market Value How do you calculate the Tax rate (%) ? - ANSWER Budgeted Revenue (Minus any other revenue sources) ÷ Total Assessed Value of all property How do you calculate the Property Tax bill? - ANSWER Tax rate X Assessed value of Property Fractional Assessment - ANSWER An assessed value not statutorily at 100% of market value