IAAO 101 Exam Questions with Correct Answers| Latest Update Guaranteed Success
ad valorem According to Value
The basic responsibilities of an Appraiser to all taxable property. 1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' Situs
The type of value usually estimated by an Appraiser is the Market Value
The effective tax rate reflects the ratio between what The current tax bill and the property
value
Assessment level times the tax rate equals The effective tax rate
_________ divided by the assessed value equals the tax rate. Budget
_________ is the physical land and everything permanently attached to it. Real Estate
Property tax is an _________. ad valorem tax
How do you calculate the Assessment Ratio of a property? Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? Budgeted Revenue (Minus any other revenue
sources) ÷ Total Assessed Value of all property
, How do you calculate the Property Tax bill? Tax rate X Assessed value of Property
Fractional Assessment An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: SLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the real estate
Personal Property
The four Governmental restrictions on property ownership: TEPE
1. Taxation
2. Eminent domain
ad valorem According to Value
The basic responsibilities of an Appraiser to all taxable property. 1. Discovery
2. Listing
3. Valuation
The taxable location of personal property is referred to as its' Situs
The type of value usually estimated by an Appraiser is the Market Value
The effective tax rate reflects the ratio between what The current tax bill and the property
value
Assessment level times the tax rate equals The effective tax rate
_________ divided by the assessed value equals the tax rate. Budget
_________ is the physical land and everything permanently attached to it. Real Estate
Property tax is an _________. ad valorem tax
How do you calculate the Assessment Ratio of a property? Assessed Value ÷ Market Value
How do you calculate the Tax rate (%) ? Budgeted Revenue (Minus any other revenue
sources) ÷ Total Assessed Value of all property
, How do you calculate the Property Tax bill? Tax rate X Assessed value of Property
Fractional Assessment An assessed value not statutorily at 100% of market value
The six basic rights associated with property are: SLUGER
1. Sell
2. Lease
3. Use
4. Give away
5. Enter or Leave
6. Refuse to do any of the above
The four factors that influence/effect land values are: PEGS
1. Physical (Environmental)
2. Economic
3. Governmental
4. Social
_________ consists of movable items not permanently affixed to, or part of the real estate
Personal Property
The four Governmental restrictions on property ownership: TEPE
1. Taxation
2. Eminent domain
