IAAO 101 - Review questions and answers with solutions 2025

The property tax is an ____ __________ tax, meaning it is based on value. - ANSWER ad valorem The assessor is responsible for the _______, ________, and __________ of all taxable property. - ANSWER discovery listing valuation The taxable location of personal property is referred to as its __________. - ANSWER situs An estimate of value, usually in writing, of an adequately described property, as of a given date, is termed ___ ___________. - ANSWER an appraisal A jurisdiction's tax rate is determined by dividing the _________ to be derived from property tax by the total _________ ____________ of the taxing jurisdiction. - ANSWER budget assessed valuation The type of value usually estimated by the assessor is __________ value. - ANSWER market The _________ ________ _________ reflects the ratio between the current tax bill and the property value. - ANSWER effective tax rate In order for a property to have value, it must have ______, _______, ________ and __________ __________ _________. - ANSWER utility scarcity desirability effective purchasing power The use that generates the highest net return to a property over a reasonable time period is called ________ _______ _________ _________. - ANSWER highest and best use The principle of __________ states that maximum value of a neighborhood is attained when the uses of land are perfectly complementary. - ANSWER balance Which appraisal principle affirms that land cannot be valued on the basis of one use while improvements are valued on t