IAAO 101 – Quizzes Exam 2024

IAAO 101 – Quizzes Exam 2024The basic responsibilities of the assessor are to _________ all taxable property. - answer-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: - answer-conduct periodic on-site inspections of properties The property tax is a/an _________________ tax, meaning it is based on value. - answer-ad valorem Assume the following characteristics for a single-family residence: Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the property tax for the residence. - answer-$3248.00 If a tax rate is $13.30 per 100, the decimal equivalent would be - answer-0.1330 ______________ divided by the assessed value equals the tax rate. - answer-Budget Assessment level times the tax rate equals the_____________________. - answer-effective tax rate