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IAAO 101 2023 Test Questions with Complete Solutions 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 Assessm...

IAAO 101 Exam With Latest Updated Test 2024

IAAO 101 Test Questions with All Complete Solutions Basic responsibilities of tax assessors - ANSWER Discover, List, and Value What are the rights of ownership? Bundle of rights - ANSWER Sell, Lease, Use, Give away, Enter or Leave, Right to not do anything. (S.L.U.G.E.R.) What are the Government restrictions placed on bundle of rights? - ANSWER T.E.P.E. Taxation, Eminent domain, police power, escheat In order for a property to have value, it must have? - ...

The basic responsibilities of the assessor are to ___________________ all taxable property Discover, List, and Value One of the steps an assessor must take in the discovery of property is to Conduct periodic onsite inspections of properties The property tax is a/an _____________________ tax, meaning it is based on value. Ad Valorem

Tax Rate (def.) Percent of assessed value at which each property is taxed in a given district. Tax Rate (formula) Tax revenue (amount) / Assessed value Property Tax (formula) Subject assessed value / Tax rate Budget Revenue (formula) Total budget - Other taxes

The property tax is an ____ __________ tax, meaning it is based on value. ad valorem The assessor is responsible for the _______, ________, and __________ of all taxable property. discovery listing valuation The taxable location of personal property is referred to as its __________. situs

The basic responsibilities of the assessor are to _________ all taxable property. A. List B. Value C. Discover D. All of the Above One of the steps an assessor must take in the discovery of property is to: conduct periodic on-site inspections of properties The property tax is a/an _________________ tax, meaning it is based on value. ad valorem

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