IAAO 101 QUIZ Exam

THE BASIC RESPONSIBLITIES OF THE ASSESSOR ARE TO ________________________________ALL TAXABLE PROPERTY - answer-LIST VALUE DISCOVER ONE OF THE STEPS AN ASSESSOR MUST TAKE IN THE DISCOVERY OF PROPERTY IS - answer-PERIODIC ON-SITE INSPECTIONS A 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% TAX RATE = 92.8 MILLS CALCULATE THE PROPERTY TAX FOR THE RESIDENCE - answer-ASSESSMENT RATIO TIMES TAX RATE .2 X .0928 = .01856 EFFECTIVE TAX RATE VALUE TIMES EFFECTIVE TAX RATE 175,000 X .01856 = $3248 PROPERTY TAX IF THE TAX RATE IS $13.30 PER $100, THE DICIMAL EQUIVALENT WOULD BE - answer-MOVE DECIMAL TWO PLACES LEFT 0.1330