IAAO 101 - Review; Questions & Answers 100
Solved
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 perso...
IAAO 101 - Review; Questions & Answers 100
Solved
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 appraisal
A jurisdiction's tax rate is determined by dividing the _________ to be derived
from property tax
by the total _________ ____________ of the taxing jurisdiction. ✔✔budget
assessed valuation
The type of value usually estimated by the assessor is __________ value.
✔✔market
, IAAO 101 - Review; Questions & Answers 100
Solved
The _________ ________ _________ reflects the ratio between the current tax
bill and the
property value. ✔✔effective tax rate
In order for a property to have value, it must have ______, _______, ________
and __________
__________ _________. ✔✔utility
scarcity
desirability
effective purchasing power
The use that generates the highest net return to a property over a reasonable
time period is called
________ _______ _________ _________. ✔✔highest and best use
The principle of __________ states that maximum value of a neighborhood is
attained when the
uses of land are perfectly complementary. ✔✔balance
Which appraisal principle affirms that land cannot be valued on the basis of one
use while
improvements are valued on the basis of another? ✔✔Consistent use
, IAAO 101 - Review; Questions & Answers 100
Solved
List the four tests that the appraiser must make in the analysis of the highest
and best use.
✔✔Legally permissible
Physically possible
Financially feasible
Most productive
_______ ________ is a parcel of land and any structures or improvements that
are permanently
affixed thereto. ✔✔Real estate
Property is considered ________ if it can be moved without causing any damage
or change to
either the item of property or the structure to which it is attached. ✔✔personal
Assessment level times the tax rate equals the _________ ______ ________.
✔✔effective tax
rate
____________ is the point at which the forces of supply and forces of demand
meet.
✔✔Equilibrium
List the two types of highest and best use analysis. ✔✔A. As if vacant.
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 TheeGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
