IAAO Course 101 Review Questions with Verified Answers
Tax Rate (def.) Percent of assessed value at which each property is taxed in a given district. Tax Rate (formula) Tax revenue (amount) / Assessed value Property Tax (formula) Subject assessed value / Tax rate Budget Revenue (formula) Total budget - Other taxes Effective Tax Rate (def.) Reflects the relationship between total property taxes on real property and the property's market value. Effective Tax Rate (formula) Assessment ratio (level) X Tax rate Jurisdictions tax rate is derived by (formula) Budget revenue (budget -other taxes) / Assessed value
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iaao course 101 review questions with answers