IAAO

Monitoring activities (Quality assurance) 1. Reviews of progress and performance contribute to effective and efficient operations 2. Procedures in place for monitoring the quality of assessment, editing data, reviewing appraisals, and reporting time and productivity Management from the past One of the first management theories was the classical theory of management. This ws promarily an authoritarian approach, with "top-down" decision making

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, __________________________________________________________ and ____________________________________________________ produce the single most impressive dollar return for time and money committed. systematic audit programs energetic personal property discovery efforts The theory t...

Tax Rate (def.) Percent of assessed value at which each property is taxed in a given district. Tax Rate (formula) Tax revenue (amount) / Assessed value Property Tax (formula) Subject assessed value / Tax rate Budget Revenue (formula) Total budget - Other taxes Effective Tax Rate (def.) Reflects the relationship between total property taxes on real property and the property's market value. Effective Tax Rate (formula) Assessment ratio (level) X Tax rate Jurisdictions tax rate...

The Economic Principle of Anticipation states that value is created by the expectation of benefits to be derived in the future. Chattel A mortgage on personal property. Balloon payment A payment on the balance due of a note at the end of the loan term that is in excess of the regular payment amounts. Usually found in a partially amoritized mortgage. Conventional mortgage A loan that is neither insured nor guaranteed by the federal government. Contract rent The actual rent paid ...

Scope of Work Rule 1. Identify the problem to be solved 2. Determine and perform the scope of work necessary to develop credible assignment results 3. Disclose the scope of work in the report Scope of work acceptability When it meets or exceeds: 1. Expectations of parties who are regularly intended users for similar assignments and 2. What an Appraiser's peers actions would be in performing the same or similar assignments Economic Basis of Model Building Supply factors relate to ava...

Mass appraisal Systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing. Purpose of mass appraisal Equitable and efficient appraisal of all property in a jurisdiction for ad valorem tax purposes. When did first generation computers emerge? The 1950s Mass appraisal models may be: Physical, conceptual or mathematical.

PLANNING OF THE BASIC MANAGERIAL FUNCTIONS ___________REQUIRES THE IDENTIFICATION OF GOALS AND VARIOUS WAYS OF ACHIEVING THEM. IT ALSO PROVIDES THE BASIS FOR THE OTHER MANAGERIAL FUNCTIONS. THE ASSESSOR'S WEBSITE CAN BE USED TO -SHOW APPRAISAL INFO ON ALL PARCELS -PROVIDE A LAYPERSON EXPLANATION OF THE AD VALOREM TAX SYSTEM -PROVIDE INSTRUCTIONS FOR FILING AN APPEAL PUBLIC INSTITUTIONS PROFESSIONAL GROUPS CIVIC AND PROFESSIONAL ASSOCIATIONS CONSIDERED PART OF THE ASSES...

In the form of government known as _____________, power is divided between central and regional governments. Federalism ______________ is the cultural concept related to legal relationships about things that can be possessed. Property The main difference between taxes and fees is that taxes are (BROAD / NARROW) and (PROVIDE / DO NOT PROVIDE) the tax payer a direct benefit. Broad Do not provide The U.S. property tax system uses property value as an indicator of (INCOME / WEALTH). Weal...

Leverage The borrowing of funds in hopes of earning a greater return than the cost of the borrowed funds list, value, discover The basic responsibilities of the assessor for all taxable property. Conduct periodic on-site inspection of properties One of the steps an assessor must take in the discovery of property Ad Valorem The property tax, meaning it is based on value. Budget Divided by the assessed value equals the tax rate Effective tax rate Assessment level times the tax rate equals...