ad valorem - Answer- According to Value
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 ...
the basic responsibilities of an appraiser to all taxable property
the taxable location of personal property is referred to as its
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iaao 101 Exam Questions with correct Answers
ad valorem - Answer- According to Value
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
The six basic rights associated with property are: - Answer- SLUGER
1. Sell
2. Lease
3. Use
4. Give away 5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: - Answer- PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the real estate - Answer- Personal Property
The four Governmental restrictions on property ownership: - Answer- TEPE
1. Taxation
2. Eminent domain
3. Police power
4. Escheat
Private encumbrances: - Answer- 1. Co-Owners
2. Condominium/Subdivision restrictions
3. Covenants
4. Mortgages
5. Easements
6. Liens and Judgements
7. Leases
Value in use - Answer- Is the value of a property for a specific use
Value in exchange - Answer- Is the amount an informed buyer would offer in exchange for a property under given market conditions
Principle of Anticipation * - Answer- Present worth of future benefits
Principle of Change * - Answer- The tendency of social and economic forces affecting supply and demand to alter over time
Principle of Contribution * - Answer- The basis for applying the adjustments in the sales comparison approach
Principle of Substitution * - Answer- Market value of a property tends to be set by the cost of acquiring an equally desirable and valuable property
Principle of Surplus Productivity * - Answer- Net income remaining after the cost of labor, management, and capital has been paid
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