IAAO Course 101 Review 98 Questions And Answers

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 Effective Tax Rate (def.) - ️️Reflects the relationship between total property taxes on real property and the property's market value. Effective Tax Rate (formula) - ️️Assessment ratio (level) X Tax rate Jurisdictions tax rate is derived by (formula) - ️️Budget revenue (budget -other taxes) / Assessed value Assessment Ratio (def.) - ️️Estimated fractional relationship between the assessed values and market values of a group of properties. Assessment Ratio (formula) - ️️Assessed value / Market value Neighborhood Life Cycle - ️️Growth, Stability, Decline & Revitalization