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
,SCORE MORE
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
, SCORE MORE
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
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