IAAO

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

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

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

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

Anticipation Value is created by the expectation of benefits to be derived in the future Substitution the prices, rents, and rates of return of property tend to be set by the current prices, rents and rates of return for equally desire able substitute properties. Contribution the value of a component of real estate can be measured by the amount it contributes to net operating income because net operating income can be capitalized into value.

Surplus Produtivity Allows us to capitalize land income into an indication of value Return ON Overall Yield or Discount Return OF Wasting Asset or Recapture Leverage The borrowing of funds in hopes of earning a greater return than the cost of the borrowed funds

Land An immovable and indestructible three-dimensional area consisting of a portion of the earth's surface, the space above and below the surface, and everything growing on or permanently affixed to it. Five Attributes of Land "PUFFS" Permanent Unique Finite Supply Functional Stationary Four Value Characteristics of Land "DUST" Demand Utility Scarcity Transferability Raw Land is in its natural state, prior to grading, construction, and subdividing. It is UNDEVELOPED,...

Hybrid or generic models are reflective of which approach to value? Cost Approach What type of model is the following formula? MV=GQ x ((PL x SIZE)+(PB x SIZE)) Simple Hybrid (Generic) Cost Model What should a reappraisal start and end with? Ratio Report A "Yes/No" indicates what type of variable? Binary variable USPAP Standard 6 covers which type of appraisal? Mass Appraisal

What is a requirement of both single-property and mass appraisal? Uses three basic approaches to value What is the first step in the mass appraisal process? definition of the problem List the three types of data that must be collected in analyzing the market. General data Specific data Comparative data

A property assessment system organizes resources to carry out the primary assessment responsibilities of _______, _________, and __________ properties, in accordance with property tax laws and regulations. discovery listing valuing Standards of practice are necessary to ensure: Appraisal accuracy Work is finished on time Staff and resources are used wisely All of the above Ratio studies are often used for oversight purposes. However, they can also be used for internal ________ _...