IAAO 101
ad valorem - Answer-According to Value
The basic responsibilities of an Appraiser to all taxable property. - Answer-1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' - Answer-Situs
The type of value usually estimated by an Appraiser is the - Answer-Market Value
The effective tax rate reflects the ratio between what - Answer-The current tax bill and the property
value
Assessment level times the tax rate equals - Answer-The effective tax rate
_________ divided by the assessed value equals the tax rate. - Answer-Budget
_________ is the physical land and everything permanently attached to it. - Answer-Real Estate
, Property tax is an _________. - Answer-ad valorem tax
How do you calculate the Assessment Ratio of a property? - Answer-Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? - Answer-Budgeted Revenue (Minus any other revenue sources)
÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - Answer-Tax rate X Assessed value of Property
Fractional Assessment - Answer-An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: - Answer-SLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: - Answer-PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
ad valorem - Answer-According to Value
The basic responsibilities of an Appraiser to all taxable property. - Answer-1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' - Answer-Situs
The type of value usually estimated by an Appraiser is the - Answer-Market Value
The effective tax rate reflects the ratio between what - Answer-The current tax bill and the property
value
Assessment level times the tax rate equals - Answer-The effective tax rate
_________ divided by the assessed value equals the tax rate. - Answer-Budget
_________ is the physical land and everything permanently attached to it. - Answer-Real Estate
, Property tax is an _________. - Answer-ad valorem tax
How do you calculate the Assessment Ratio of a property? - Answer-Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? - Answer-Budgeted Revenue (Minus any other revenue sources)
÷ Total Assessed Value of all property
How do you calculate the Property Tax bill? - Answer-Tax rate X Assessed value of Property
Fractional Assessment - Answer-An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: - Answer-SLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: - Answer-PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
