IAAO 101 Quiz with Correct Answers
The basic responsibilities of the assessor are to _________ all taxable property.
A. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to:
conduct periodic on-site inspections of properties
The property tax is a/an _________________ tax, meaning it is based on value.
ad valorem
Assume the following characteristics for a single-family residence:
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the
property tax for the residence.
$3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be
0.1330
______________ divided by the assessed value equals the tax rate.
Budget
Assessment level times the tax rate equals the_____________________.
, effective tax rate
Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000
$1.25
____________ is the physical land and everything permanently attached to it.
real estate
Which of the following is a governmental restriction to the "bundle of rights"?
eminent domain
Which of the following is a basic right associated with the ownership of property?
A. to use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. the economic forces that determine scarcity
are_________________.
supply and demand
The basic responsibilities of the assessor are to _________ all taxable property.
A. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to:
conduct periodic on-site inspections of properties
The property tax is a/an _________________ tax, meaning it is based on value.
ad valorem
Assume the following characteristics for a single-family residence:
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the
property tax for the residence.
$3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be
0.1330
______________ divided by the assessed value equals the tax rate.
Budget
Assessment level times the tax rate equals the_____________________.
, effective tax rate
Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000
$1.25
____________ is the physical land and everything permanently attached to it.
real estate
Which of the following is a governmental restriction to the "bundle of rights"?
eminent domain
Which of the following is a basic right associated with the ownership of property?
A. to use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and
effective purchasing power. the economic forces that determine scarcity
are_________________.
supply and demand
