IAAO 402 FINAL EXAM | QUESTIONS AND ANSWERS | VERIFIED
ANSWERS GRADED A+ | LATEST EXAM
A $25000 homestead exemption is an example of a
________________________________. - CORRECT ANSWER - partial
exemption
Administratively, the functions of a property tax system are: - CORRECT
ANSWER - To identify and link taxable subjects (taxpayers) and taxable
objects (property)
Produce tax assessments
Collect taxes
All else being equal, when taxes rise, capitalization means that: - CORRECT
ANSWER - property values fall
All of the following are common examples of shared responsibilities between
governments EXCEPT: - CORRECT ANSWER - Property tax levy limits
Property tax valuation programs which require states to assess railroads and
counties to assess other business property.
State provided collection assistance for local sales taxes
The International Fuels Tax Agreement (IFTA)
All of the following are possible advantages of a tax increment financing
EXCEPT: - CORRECT ANSWER - New businesses may become more
competitive than previously existing businesses.
Start up costs may be lessened
,Development of depressed areas may be facilitated
Bonding or financial leverage may be provided
Analytical studies that provide information in a neutral, non-judgmental way are
__________________________. - CORRECT ANSWER - positive
The _____________________ approach is purely factual without judgments. -
CORRECT ANSWER - positive
The ________________ approach starting point includes value judgments. -
CORRECT ANSWER - normative
As a percentage of general revenue, which local governments rely most heavily
on charges? - CORRECT ANSWER - Special Districts (sewer, fire, cemetery)
Assessed value increases are more closely tied to tax and revenue increases in a
_____________________ driven system. - CORRECT ANSWER - rate
An assessment system in which fractional ratios are applied to appraised values
is _________________. - CORRECT ANSWER - classification
Assessment systems in which taxable value reverts to market value at time of
sale are known as
_________________________________________________________. -
CORRECT ANSWER - acquisition value systems
An assessment system that underassesses residential property even though such
undersassessment is not permitted by law is providing a
_____________________________. - CORRECT ANSWER - de facto
exemption
, Assume that a taxpayer has appealed her or his assessment and has assembled
evidence that the assessment is relatively higher than the assessments of
comparable properties, which of the following is the most professionally
responsible way to deal with the appeal? - CORRECT ANSWER - None of the
above
Assure the appellant that the assessment in question is well below the legal
standard.
Assure the appellant that her or his property is valued consistently with all other
properties in its class and than granting the appeal would reduce overall
valuation uniformity.
Assure the appellant that the district's mass appraisal procedures meet or exceed
all legal and professional standards.
Because some school districts have more property wealth per pupil than others,
states have developed _______________________ systems to level this playing
field. - CORRECT ANSWER - equalization
The characteristic of a tax system that reflects on the degree to which economic
efficiency is altered is _____________________________. - CORRECT
ANSWER - neutrality
Circuit breaker tax relief
programs_______________________________________________________. -
CORRECT ANSWER - often target low income, elderly or disabled taxpayers.
Comparing state and local government revenue in 1927 to those in 2007, or any
distant years would be misleading without adjusting for
_______________________________________,
_____________________________ and
_________________________________________. - CORRECT ANSWER -
price inflation
population growth
ANSWERS GRADED A+ | LATEST EXAM
A $25000 homestead exemption is an example of a
________________________________. - CORRECT ANSWER - partial
exemption
Administratively, the functions of a property tax system are: - CORRECT
ANSWER - To identify and link taxable subjects (taxpayers) and taxable
objects (property)
Produce tax assessments
Collect taxes
All else being equal, when taxes rise, capitalization means that: - CORRECT
ANSWER - property values fall
All of the following are common examples of shared responsibilities between
governments EXCEPT: - CORRECT ANSWER - Property tax levy limits
Property tax valuation programs which require states to assess railroads and
counties to assess other business property.
State provided collection assistance for local sales taxes
The International Fuels Tax Agreement (IFTA)
All of the following are possible advantages of a tax increment financing
EXCEPT: - CORRECT ANSWER - New businesses may become more
competitive than previously existing businesses.
Start up costs may be lessened
,Development of depressed areas may be facilitated
Bonding or financial leverage may be provided
Analytical studies that provide information in a neutral, non-judgmental way are
__________________________. - CORRECT ANSWER - positive
The _____________________ approach is purely factual without judgments. -
CORRECT ANSWER - positive
The ________________ approach starting point includes value judgments. -
CORRECT ANSWER - normative
As a percentage of general revenue, which local governments rely most heavily
on charges? - CORRECT ANSWER - Special Districts (sewer, fire, cemetery)
Assessed value increases are more closely tied to tax and revenue increases in a
_____________________ driven system. - CORRECT ANSWER - rate
An assessment system in which fractional ratios are applied to appraised values
is _________________. - CORRECT ANSWER - classification
Assessment systems in which taxable value reverts to market value at time of
sale are known as
_________________________________________________________. -
CORRECT ANSWER - acquisition value systems
An assessment system that underassesses residential property even though such
undersassessment is not permitted by law is providing a
_____________________________. - CORRECT ANSWER - de facto
exemption
, Assume that a taxpayer has appealed her or his assessment and has assembled
evidence that the assessment is relatively higher than the assessments of
comparable properties, which of the following is the most professionally
responsible way to deal with the appeal? - CORRECT ANSWER - None of the
above
Assure the appellant that the assessment in question is well below the legal
standard.
Assure the appellant that her or his property is valued consistently with all other
properties in its class and than granting the appeal would reduce overall
valuation uniformity.
Assure the appellant that the district's mass appraisal procedures meet or exceed
all legal and professional standards.
Because some school districts have more property wealth per pupil than others,
states have developed _______________________ systems to level this playing
field. - CORRECT ANSWER - equalization
The characteristic of a tax system that reflects on the degree to which economic
efficiency is altered is _____________________________. - CORRECT
ANSWER - neutrality
Circuit breaker tax relief
programs_______________________________________________________. -
CORRECT ANSWER - often target low income, elderly or disabled taxpayers.
Comparing state and local government revenue in 1927 to those in 2007, or any
distant years would be misleading without adjusting for
_______________________________________,
_____________________________ and
_________________________________________. - CORRECT ANSWER -
price inflation
population growth
