IAAO 101 – Quizzes; All solved correctly

The basic responsibilities of the assessor are to _________ all taxable property. correct answers 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: correct answers conduct periodic on-site inspections of properties The property tax is a/an _________________ tax, meaning it is based on value. correct answers 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. correct answers $3248.00 If a tax rate is $13.30 per 100, the decimal equivalent would be correct answers 0.1330 ______________ divided by the assessed value equals the tax rate. correct answers Budget Assessment level times the tax rate equals the_____________________. correct answers 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 correct answers $1.25 ____________ is the physical land and everything permanently attached to it. correct answers real estate Which of the following is a governmental restriction to the "bundle of rights"? correct answers eminent domain Which of the following is a basic right associated with the ownership of property? correct answers A. to use B. to lease or rent C. to enter or leave D. All of the above