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IAAO 101 QUIZ – QUESTIONS AND ANSWERS
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IAAO 101 QUIZ – QUESTIONS AND ANSWERS
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IAAO 101 QUIZ – QUESTIONS AND ANSWERSTHE 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
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