NJ Tax Assessors Exam - Terms and Concepts 2023/2024 passed

NJ Tax Assessors Exam - Terms and ConceptsWhat are the three basic requirements of the assessor? - correct answer Discovery, listing, and valuation To find effective tax rate multiply the tax rate by ____? - correct answer Assessment level The six basic rights associated with property are ______? - correct answer Sell, lease/rent, use, give away, enter or leave, refusal to do any of the above What are the three major classifications of property? - correct answer Real property, personal property, intangible personal property List the appraisal principles which form the foundation for highest and best use analysis. - correct answer Anticipation, balance, change, competition, conformity, consistent use, contribution, increasing and decreasing returns, substitution, supply and demand, surplus productivity What are the four forces that influence value? - correct answer Physical, economic, governmental, social Highest and best use is always the that use that would produce the ______ ____ of a property, regardless of its actual current use. - correct answer Highest value The four tests for highest and best use are _____ - correct answer Legally allowable, physically allowable, financially feasible, maximally productive List the 7 major steps of the appraisal process. - correct answer 1. Definition of the problem, 2. Determination of the scope of the appraisal 3. Preliminary survey and analysis 4. Data collection and analysis