IAAO 402 EXAM PREP 2026 QUESTIONS WITH
SOLUTIONS UPDATED STUDY GUIDE
◉ Property. Answer: A cultural concept related to legal relationships
about things that can be possessed
◉ Taxes. Answer: Broad and do not provide the payer a direct benefit
◉ Fees. Answer: Narrow and provide the payer a direct benefit
◉ Wealth. Answer: The US property tax system uses property value as
an indicator
◉ Example of public policy. Answer: Government required vehicle
emissions tests
◉ Example of tax policy. Answer: A property tax exemption for
pollution control equipment
◉ How are U.S. current property tax systems different from earlier
property Tax systems?. Answer: Almost exclusively used to provide
local rather than state revenue, much narrower, taxing tangible more
than intangible property and real more than personal property
SOLUTIONS UPDATED STUDY GUIDE
◉ Property. Answer: A cultural concept related to legal relationships
about things that can be possessed
◉ Taxes. Answer: Broad and do not provide the payer a direct benefit
◉ Fees. Answer: Narrow and provide the payer a direct benefit
◉ Wealth. Answer: The US property tax system uses property value as
an indicator
◉ Example of public policy. Answer: Government required vehicle
emissions tests
◉ Example of tax policy. Answer: A property tax exemption for
pollution control equipment
◉ How are U.S. current property tax systems different from earlier
property Tax systems?. Answer: Almost exclusively used to provide
local rather than state revenue, much narrower, taxing tangible more
than intangible property and real more than personal property
