Iaao 101 chapter 1 review - Study guides, Class notes & Summaries

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