THE BASIC RESPONSIBLITIES OF THE ASSESSOR ARE TO
________________________________ALL TAXABLE PROPERTY Correct Ans -
LIST
VALUE
DISCOVER
ONE OF THE STEPS AN ASSESSOR MUST TAKE IN THE DISCOVERY OF
PROPERTY IS Correct Ans - PERIODIC ON-SITE INSPECTIONS
A PROPERTY TAX IS A/AN ____________________________TAX, MEANING IT IS
BASED ON VALUE Correct Ans - AD VALOREM
ASSUME THE FOLLOWING CHARACTERISTICS FOR A SINGLE FAMILY
RESIDENCE:
ACTUAL VALUE = $175,000
ASSESSMENT LEVEL = 20%
TAX RATE = 92.8 MILLS
CALCULATE THE PROPERTY TAX FOR THE RESIDENCE Correct Ans -
ASSESSMENT RATIO TIMES TAX RATE
.2 X .0928 = .01856 EFFECTIVE TAX RATE
VALUE TIMES EFFECTIVE TAX RATE
175,000 X .01856 = $3248 PROPERTY TAX
IF THE TAX RATE IS $13.30 PER $100, THE DICIMAL EQUIVALENT WOULD
BE Correct Ans - MOVE DECIMAL TWO PLACES LEFT
0.1330
______________________DIVIDED BY THE ASSESSED VALUE EQUALS THE TAX
RATE Correct Ans - BUDGET
ASSESSMENT LEVEL TIMES THE TAX RATE = Correct Ans -
EFFECTIVE TAX RATE
GIVEN THE FOLLOWING COMPUTE A TAX RATE USING DOLLARS PER
HUNDRED
BUDGET = 6,000,000
MARKET VALUE = 400,000,000
, ASSESSMENT LEVEL = 50%
NON PROPERTY TAX REVENUE = 1,000,000 Correct Ans - BUDGET
MINUS NON TAX REV
6,000,000 - 1,000,000 = 5,000,000
BUDGET DIVIDED BY MARKET VALUE
5,000,,000,000 = .0125
$1.25 PER HUNDRED
__________________IS THE PHYSICAL LAND AND EVERYTHING PERMANENTLY
ATTACHED TO IT Correct Ans - REAL ESTATE
WHAT IS A GOVERNMENTAL RESTRICTION TO THE BUNDLE OF RIGHTS
Correct Ans - EMINENT DOMAIN
BASIC RIGHTS ASSOCIATED WITH OWNERSHIP OF PROPERTY Correct
Ans - TO USE
TO LEASE OR RENT
TO ENTER OR LEAVE
IN ORDER FOR A PROPERTY TO HAVE VALUE IT MUST HAVE UTILITY,
SCARCITY, DESIRABILITY, AND EFFECTIVE PURCHASING POWER. THE
ECONOMIC FORCES THAT DETERMINE SCARCITY ARE Correct Ans -
SUPPLY AND DEMAND
________________________IS THE POINT AT WHICH THE FORCES OF SUPPLY
AND DEMAND MEET - THE POINT OF BALANCE Correct Ans -
EQUILIBRIUM
A ___________________________INTEREST IS OWNERSHIP OF ALL THE RIGHTS
IN A PROPERTY, EXCEPT THOSE RESERVED BY THE GOVERNMENT, AND
WITH NO PRIVATE ENCUMBRANCES Correct Ans - FEE SIMPLE
IN THE APPRAISAL PROCESS, DATA COLLECTION REQUIRES THE
ASSESSOR TO COLLECT Correct Ans - GENERAL, SPECIFIC AND
COMPARATIVE DATA
A __________________________MAY BE DEFINED AS AN AREA OF
COMPLEMENTARY LAND USES IN WHICH ALL PROPERTIES ARE
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.