Iaao 101 2023 Study guides, Class notes & Summaries

IAAO 101 - Review Questions and verified answers latest 2023/2024 complete solution

IAAO 101 Quiz with complete solutions- Latest 2023/2024 The basic responsibilities of the assessor are to _________ all taxable property. - 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: - conduct periodic on-site inspections of properties The property tax is a/an _________________ tax, meaning it is based on value. - ad valorem Assume the following characteristics for a single-family residence: Actual value...

IAAO 101 - Review Questions and Answers 2023 with complete solution The property tax is an ____ __________ tax, meaning it is based on value. ad valorem The assessor is responsible for the _______, ________, and __________ of all taxable property. discovery listing valuation The taxable location of personal property is referred to as its __________. situs An estimate of value, usually in writing, of an adequately described property, as of a given date, is termed ___ ___________. an a...

IAAO 101 2023 Test Questions with Complete Solutions The basic responsibilities of an Appraiser to all taxable property. - ANSWER 1. Discovery 2. Listing 3. Valuation The taxable location of personal property is referred to as its' - ANSWER Situs The type of value usually estimated by an Appraiser is the - ANSWER Market Value The effective tax rate reflects the ratio between what - ANSWER The current tax bill and the property value Assessm...

IAAO 101 2023 Quizzes with Complete Solutions 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 on-site 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 s...

Tax Rate (def.) - ANSWER-Percent of assessed value at which each property is taxed in a given district. Tax Rate (formula) - ANSWER-Tax revenue (amount) / Assessed value Property Tax (formula) - ANSWER-Subject assessed value / Tax rate Budget Revenue (formula) - ANSWER-Total budget - Other taxes Effective Tax Rate (def.) - ANSWER-Reflects the relationship between total property taxes on real property and the property's market value. Effective Tax Rate (formula) - ANSWER-Assessmen...

Ownership of a property is the right to - ANSWER-Sell Lease or rent Use Give away Enter or leave Refuse to do any of the above Factors that influence DEMAND - ANSWER-Consumers taste and preference Consumer income Price of related commodities Consumer expectations The price of the commodity Factors that influence/effect land value - ANSWER-Physical Economic Governmental Social Basic responsibilities of an appraiser to all taxable - ANSWER-Discovery Listing Valuation G...

Indirect methods of measuring depreciation - Answer- -Sales comparison (Market Extraction) -Capitalization of income method Financing - Answer- The first adjustment in the sales comparison approach is Sales Comparison Approach - Answer- A fundamental strength in this approach is that it reflects the actions of the marketplace as well as what by buyers & sellers are actually doing doing and paying. -Consumer tastes/preferences -Consumer income -Price of related commodities -Consumer ...