IAAO 101 – Quizzes with Correct Solutions 2024

IAAO 101 – Quizzes with Correct Solutions 2024 The basic responsibilities of the assessor are to _________ all taxable property. - Answer -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: - Answer -conduct periodic onsite inspections of properties The property tax is a/an _________________ tax, meaning it is based on value. - Answer -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. - Answer -$3248.00 If a tax rate is $13.30 per 100, the decimal equivalent would be - Answer -0.1330 ______________ divided by the assessed value equals the tax rate. - Answer -Budget Assessment level times the tax rate equals the_____________________. - Answer -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 - Answer -$1.25 ____________ is the physical land and everything permanently attached to it. - Answer -real estate Which of the following is a governmental restriction to the "bundle of