IAAO 101 - Review Questions & Answers | Latest 2023/2024 (Already Graded A+)

IAAO 101 - Review Questions & Answers | Latest 2023/2024 (Already Graded A+) 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 An estimate of value, usually in writing, of an adequately described property, as of a given date, is termed ___ ___________. - an appraisal A jurisdiction's tax rate is determined by dividing the _________ to be derived from property tax by the total _________ ____________ of the taxing jurisdiction. - budget assessed valuation The type of value usually estimated by the assessor is __________ value. - market The _________ ________ _________ reflects the ratio between the current tax bill and the property value. - effective tax rate In order for a property to have value, it must have ______, _______, ________ and __________ __________ _________. - utility scarcity desirability effective purchasing power The use that generates the highest net return to a property over a reasonable time period is called ________ _______ _________ _________. - highest and best use The principle of __________ states that maximum value of a neighborhood is attained when the uses of land are perfectly complementary. - balance Which appraisal principle affirms that land cannot be valued on the basis of one use while improvements are valued on the basis of another? - Consistent use List the four tests that the appraiser must make in the analysis of the highest and best use. - Legally permissible Physically possible Financially feasible Most productive _______ ________ is a parcel of land and any structures or improvements that are permanently affixed thereto. - Real estate Property is considered ________ if it can be moved without causing any damage or change to either the item of property or the structure to which it is attached. - personal Assessment level times the tax rate equals the _________ ______ ________. - effective tax rate ____________ is the point at which the forces of supply and forces of demand meet. - Equilibrium List the two types of highest and best use analysis. - A. As if vacant. B. As if improved. The typical life cycle of a neighborhood includes ________, ________, _______ and ___________. - growth stability decline revitalization What elements of the marketplace are most likely to contribute to a change in demand? - Consumer tastes and preferences Consumer income Price of related commodities Consumer expectations Price of the commodity Market value is defined as the most probable price of a property in terms of money, assuming - A. Buyer and seller are typically motivated B. A reasonable time is allowed for exposure in the open market. C. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. D. All of the above. ________ refers to the amount of goods that producers are willing to sell at a given price during a specified time period. - Supply Ownership of all legal rights to property is limited by government in four ways: - Taxation Police Power Eminent domain Escheat An assessed value not statutorily at 100 percent of market value is known as a _________ assessment. - fractional The underlying principle for the three approaches to appraisal is ___________