Iaao 101 review - Study guides, Class notes & Summaries

IAAO Course 101 Review/98 Q and A

The property tax is an ____ __________ tax, meaning it is based on value. - ANSWER-ad valorem The assessor is responsible for the _______, ________, and __________ of all taxable property. - ANSWER-discovery listing valuation The taxable location of personal property is referred to as its __________. - ANSWER-situs An estimate of value, usually in writing, of an adequately described property, as of a given date, is termed ___ ___________. - ANSWER-an appraisal A jurisdiction's tax rate...

IAAO 101 - Review Questions with Certified Solutions 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...

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 rati...

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

IAAO 101 Review Questions with Complete Solutions The property tax is an ____ __________ tax, meaning it is based on value. - ANSWER ad valorem The assessor is responsible for the _______, ________, and __________ of all taxable property. - ANSWER discovery listing valuation The taxable location of personal property is referred to as its __________. - ANSWER situs An estimate of value, usually in writing, of an adequately described property, as of a given da...

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

IAAO 101 - Review Questions with all answers complete The property tax is an ____ __________ tax, meaning it is based on value. The assessor is responsible for the _______, ________, and __________ of all taxable property. The taxable location of personal property is referred to as its __________. An estimate of value, usually in writing, of an adequately described property, as of a given date, is termed ___ ___________. A jurisdiction's tax rate is determined by dividing the _______...