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IAAO 402 Exam Questions and Verified Solutions ( Already Passed)
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IAAO 402 Exam Questions and Verified Solutions ( Already Passed) A $25000 homestead exemption is an example of a ________________________________. - Answers partial exemption Administratively, the functions of a property tax system are: - Answers To identify and link taxable subjects (taxpayers) ...

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  • November 5, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • iaao 402 exam questions and verified solutions

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IAAO 402 Exam Questions and Verified Solutions ( Already Passed)

A $25000 homestead exemption is an example of a ________________________________. - Answers
partial exemption

Administratively, the functions of a property tax system are: - Answers To identify and link taxable
subjects (taxpayers) and taxable objects (property)

Produce tax assessments

Collect taxes

All else being equal, when taxes rise, capitalization means that: - Answers property values fall

All of the following are common examples of shared responsibilities between governments EXCEPT: -
Answers Property tax levy limits



Property tax valuation programs which require states to assess railroads and counties to assess other
business property.

State provided collection assistance for local sales taxes

The International Fuels Tax Agreement (IFTA)

All of the following are possible advantages of a tax increment financing EXCEPT: - Answers New
businesses may become more competitive than previously existing businesses.



Start up costs may be lessened

Development of depressed areas may be facilitated

Bonding or financial leverage may be provided

Analytical studies that provide information in a neutral, non-judgmental way are
__________________________. - Answers positive

The _____________________ approach is purely factual without judgments. - Answers positive

The ________________ approach starting point includes value judgments. - Answers normative

As a percentage of general revenue, which local governments rely most heavily on charges? - Answers
Special Districts (sewer, fire, cemetery)

Assessed value increases are more closely tied to tax and revenue increases in a
_____________________ driven system. - Answers rate

, An assessment system in which fractional ratios are applied to appraised values is _________________.
- Answers classification

Assessment systems in which taxable value reverts to market value at time of sale are known as
_________________________________________________________. - Answers acquisition value
systems

An assessment system that underassesses residential property even though such undersassessment is
not permitted by law is providing a _____________________________. - Answers de facto exemption

Assume that a taxpayer has appealed her or his assessment and has assembled evidence that the
assessment is relatively higher than the assessments of comparable properties, which of the following is
the most professionally responsible way to deal with the appeal? - Answers None of the above



Assure the appellant that the assessment in question is well below the legal standard.

Assure the appellant that her or his property is valued consistently with all other properties in its class
and than granting the appeal would reduce overall valuation uniformity.

Assure the appellant that the district's mass appraisal procedures meet or exceed all legal and
professional standards.

Because some school districts have more property wealth per pupil than others, states have developed
_______________________ systems to level this playing field. - Answers equalization

The characteristic of a tax system that reflects on the degree to which economic efficiency is altered is
_____________________________. - Answers neutrality

Circuit breaker tax relief programs_______________________________________________________. -
Answers often target low income, elderly or disabled taxpayers.

Comparing state and local government revenue in 1927 to those in 2007, or any distant years would be
misleading without adjusting for _______________________________________,
_____________________________ and _________________________________________. - Answers
price inflation

population growth

economic (income) growth

A comparison of actual tax collections to tax capacity results is something called
________________________________. - Answers tax effort

Current market value assessment systems are more concerned with the
____________________________ of the property tax. - Answers distribution

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