IAAO 500 - Review; Questions & Answers 100
Solved
What are the five recognized appraisal designations offered by the IAAO that
represent the
highest level of achievement in the field? CAE
AAS
CMS
PPS
RES
Short of a general revaluation of all property,
Under the ___________________________________________________-- the
due process of
law and equal protection of the law clauses--states cannot assert jurisdiction
over property or
persons unless there is some reasonable relationship between the tax imposed
and the
opportunity, benefits, and protection conferred or afforded by the taxing state.
✔✔XIV
Amendment to the United States Constitution
Property tax and income tax are examples of a ______________ tax. ✔✔direct
Sales tax and excise tax are examples of an ___________ tax. ✔✔internal
The oldest tax revenue sources, and the traditional fiscal bedrock of local and
state government,
were the ______________ and _______________. ✔✔poll tax
property tax
The ____________________________________ guarantees the right of due
process and forbids
illegal search and seizure. ✔✔Fifth Amendment of the Bill of Rights
, IAAO 500 - Review; Questions & Answers 100
Solved
List the basic sources of provisions of law affecting assessment practices of the
federal
government, state governments and local government agencies.
✔✔Constitutional
Legislative
Executive
Judicial
What tax is bases on an assessed value? ✔✔Property Tax
A __________________ tax is a tax imposed so that the effective tax rate
decreases as the
amount to which the rate is applied increases. ✔✔regressive
____________________ taxes attempt to reduce the tax incidence of people
with smaller
incomes, as they shift the incidence disproportionately to those with higher
incomes.
✔✔Progressive
Ad Valorem means : ✔✔according to value
What is false regarding the nominal tax rate? ✔✔The nominal rate is the tax due
divided by the
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