IAAO 101 - Review Questions & Answers

The property tax is an ____ __________ tax, meaning it is based on value. - answer-ad valorem The assessor is responsible for the _______, ________, and __________ of all taxable property. - answer-discovery listing valuation The taxable location of personal property is referred to as its __________. - answer-situs An estimate of value, usually in writing, of an adequately described property, as of a given date, is termed ___ ___________. - answer-an appraisal A jurisdiction's tax rate is determined by dividing the _________ to be derived from property tax by the total _________ ____________ of the taxing jurisdiction. - answer-budget assessed valuation The type of value usually estimated by the assessor is __________ value. - answer-market The _________ ________ _________ reflects the ratio between the current tax bill and the property value. - answer-effective tax rate In order for a property to have value, it must have ______, _______, ________ and __________ __________ _________. - answer-utility scarcity