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LATEST IAAO 101 - Review Questions WITH ANSWERS

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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 rat...

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  • uploaded  17-02-2024
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2024 LATEST IAAO 101

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Basic responsibilities of tax assessors - ANSWER Discover, List, and Value What are the rights of ownership? Bundle of rights - ANSWER Sell, Lease, Use, Give away, Enter or Leave, Right to not do anything. (S.L.U.G.E.R.) What are the Government restrictions placed on bundle of rights? - ANSWER T.E.P.E. Taxation, Eminent domain, police power, escheat In order for a property to have value, it must have? - ANSWER Utility, scarcity, desirability, and purchasing power. Anticipation - ANSWER Pr...

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  •  • 5 pages • 
  • by contenthive76 • 
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LATEST 2024 IAAO 101 - Review Questions

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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 rat...

i x
  • Exam (elaborations)
  •  • 10 pages • 
  • by contenthive76 • 
  • uploaded  17-02-2024
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i x