IAAO 101; Questions & Answers 100 Solved
ad valorem According to Value
The basic responsibilities of an Appraiser to all taxable property. 1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' Situs
The type of value usually estimated by an Appr...
IAAO 101; Questions & Answers 100 Solved
ad valorem ✔✔According to Value
The basic responsibilities of an Appraiser to all taxable property. ✔✔1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' ✔✔Situs
The type of value usually estimated by an Appraiser is the ✔✔Market Value
The effective tax rate reflects the ratio between what ✔✔The current tax bill and
the property
value
Assessment level times the tax rate equals ✔✔The effective tax rate
_________ divided by the assessed value equals the tax rate. ✔✔Budget
_________ is the physical land and everything permanently attached to it.
✔✔Real Estate
Property tax is an _________. ✔✔ad valorem tax
How do you calculate the Assessment Ratio of a property? ✔✔Assessed Value ÷
Market Value
How do you calculate the Tax rate (%) ? ✔✔Budgeted Revenue (Minus any other
revenue
sources) ÷ Total Assessed Value of all property
, IAAO 101; Questions & Answers 100 Solved
How do you calculate the Property Tax bill? ✔✔Tax rate X Assessed value of
Property
Fractional Assessment ✔✔An assessed value not statutorily at 100% of market
value
The six basic rights associated with property are: ✔✔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: ✔✔PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the
real estate
✔✔Personal Property
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