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IAAO 402 EXAM PREP 2026 QUESTIONS WITH SOLUTIONS UPDATED STUDY GUIDE

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IAAO 402 EXAM PREP 2026 QUESTIONS WITH SOLUTIONS UPDATED STUDY GUIDE

Institution
IAAO 402
Course
IAAO 402

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IAAO 402 EXAM PREP 2026 QUESTIONS WITH
SOLUTIONS UPDATED STUDY GUIDE

◉ Property. Answer: A cultural concept related to legal relationships
about things that can be possessed


◉ Taxes. Answer: Broad and do not provide the payer a direct benefit


◉ Fees. Answer: Narrow and provide the payer a direct benefit


◉ Wealth. Answer: The US property tax system uses property value as
an indicator


◉ Example of public policy. Answer: Government required vehicle
emissions tests


◉ Example of tax policy. Answer: A property tax exemption for
pollution control equipment


◉ How are U.S. current property tax systems different from earlier
property Tax systems?. Answer: Almost exclusively used to provide
local rather than state revenue, much narrower, taxing tangible more
than intangible property and real more than personal property

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