IAAO 101 Quiz Exam 2024

The basic responsibilities of the assessor are to ___________________ all taxable property - answer-Discover, List, and Value 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 If a tax rate is $13.30 per $100, the decimal equivalent would be - answer-0.1330 Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8 mills. Calculate the property tax for the residence - answer-$3,248.00 _______________________________ divided by the assessed value equals the tax rate. - answer-Budget Assessment level times the tax rate equals the - answer-Effective Tax Rate ____________________________________ is a the physical land and everything permanently attached to it. - answer-Real Estate Which of the following is governmental restriction to the "bundle of rights"? - answer-Emiment Domain