Iaao 101 review exam Study guides, Class notes & Summaries

Tax Rate (def.) - ANSWER-Percent of assessed value at which each property is taxed in a given district. Tax Rate (formula) - ANSWER-Tax revenue (amount) / Assessed value Property Tax (formula) - ANSWER-Subject assessed value / Tax rate Budget Revenue (formula) - ANSWER-Total budget - Other taxes Effective Tax Rate (def.) - ANSWER-Reflects the relationship between total property taxes on real property and the property's market value. Effective Tax Rate (formula) - ANSWER-Assessmen...

4 factors affecting land values - Answer- Physical (Environmental), Economic, Governmental, Social The Principle of _____ states that returns to land are what remains after returns to labor, management, and capital are satisfied. - Answer- Surplus productivity The 6 methods of land valuation - Answer- Direct sales comparison, Allocation, Abstraction, Anticipated use or development, Capitalization of ground rent, Land residual technique A complete set of ____ maps showing boundaries, par...

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

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

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