IAAO101 Exam 2024 Updated with Correct Solutions

IAAO101 Exam 2024 Updated with Correct Solutions 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