Iaao 101 chapter 1 Study guides, Class notes & Summaries

IAAO 101-Chapter 1 Review/20 Q and A/100% Pass!!

Cadastral map - Answer- an accurate set of assessment maps . is the major tool for locating and identifying taxable property assessed value - Answer- property taxis based on taxable value How tax rates are expressed - Answer- $65.00/$1000 = .065 72 mills = .072 $8.00/$100= . 08 62.5 mills= .0625

Highlighted IAAO 101- chapter 1-2 questions with correct answers

IAAO 101- CHAPTER 1-2 EXAM ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |AGRADE

Cadastral map CORRECT ANSWER an accurate set of assessment maps . is the major tool for locating and identifying taxable property assessed value CORRECT ANSWER property taxis based on taxable value How tax rates are expressed CORRECT ANSWER $65.00/$1000 = .065 72 mills = .072 $8.00/$100= . 08 62.5 mills= .0625 what is the amount of property tax for subject? CORRECT ANSWER tax rate X assessed value market value X assessment ratio CORRECT ANSWER assessed value tax rate X assessed...

IAAO 101-Chapter 1 Review, latest updated 2023 Ad valorem Property tax is based on value Discovery, listing, valuation Responsibilities of the assessor Situs Taxable location of personal property Appraisal An estimate of value, usually in writing, of an adequately described property, as of a given date Tax rate Divide the budget by total assessed value Market value Type of value usually estimated by the assessor Effective tax rate The ratio betwe...

Duties of the Assessor - Answer- Discover, List, Value USPAP - Answer- Uniform Standards of Professional Appraisal Practice Formula for a Tax Rate - Answer- Budget-Revenues from other sources/Total Assessed Value Budget - Answer- The numerator in developing a tax rate Total Assessed Value - Answer- The denominator in developing a tax rate Assessment Ratio - Answer- Assessed Value/Market Value EAT Triangle - Answer- Effective Tax Rate Formula Effective Tax Rate - Answer- Tax ...

Assessor - Answer- The government official responsible for administrating the property tax system and for Establishing value for ad valorem tax purposes Requirements of the assessor - Answer- Discovery , listing and valuation Discovery - Answer- Location of all taxable property Listing - Answer- Creating an inventory of the quantity, quality and important characteristics of all taxable property Valuation - Answer- An estimate of the actual or market value of all taxable property P...

Duties of the Assessor - Answer- Discover, List, Value USPAP - Answer- Uniform Standards of Professional Appraisal Practice Formula for a Tax Rate - Answer- Budget-Revenues from other sources/Total Assessed Value Budget - Answer- The numerator in developing a tax rate Total Assessed Value - Answer- The denominator in developing a tax rate Assessment Ratio - Answer- Assessed Value/Market Value EAT Triangle - Answer- Effective Tax Rate Formula Effective Tax Rate - Answer- Tax ...