Iaao course 101 - Study guides, Class notes & Summaries

Cadastral maps - Answer- Are also known as assessment maps, appraisal maps, ownership maps and tax maps Cadastral maps show - Answer- Boundaries of parcels, size and location of parcels relative to other properties, major physical features such as roads streams railroads, etc... Map scale - Answer- The relationship of linear distance on the map to linear distance on the ground CAD mapping system - Answer- Computer assisted drafting GIS mapping system - Answer- Geographic information ...

IAAO Course 101 Review questions and answers 2023 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 Ra...

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 Rate (formula) - Answer- Ass...

Tax Rate Formula - Answer- Budget/Assessed Value = Tax Rate ETR - Answer- Effective Tax Rate ETR Formula - Answer- ETR = Assessment Ratio x Tax Rate Real Property - Answer- Consists of the interest, benefits and rights inherent in the ownership of land and anything permanently attached to the land or legally defined as immovable Personal Property - Answer- That which is not real is personal. Defined by exception. Bundle of Rights - Answer- SLUGER - Sell, Lease or Rent, Use, Give a...

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 is derived b...

IAAO - Course 101 Q&A with complete solution

IAAO Course 101 Review questions with correct answers

Cadastral maps - Answer- Are also known as assessment maps, appraisal maps, ownership maps and tax maps Cadastral maps show - Answer- Boundaries of parcels, size and location of parcels relative to other properties, major physical features such as roads streams railroads, etc... Map scale - Answer- The relationship of linear distance on the map to linear distance on the ground CAD mapping system - Answer- Computer assisted drafting GIS mapping system - Answer- Geographic information ...

Assessor - Answer- The government official responsible for administrating the property tax system and for Establishing value for ad valorem tax purposes Requirements of the assessor - Answer- Discovery , listing and valuation Discovery - Answer- Location of all taxable property Listing - Answer- Creating an inventory of the quantity, quality and important characteristics of all taxable property Valuation - Answer- An estimate of the actual or market value of all taxable property P...

Cost Approach Formula - Answer- Market Value=Land Value + Improvement Value The Cost Approach is supported by what Principle? - Answer- Substitution-Informed buyers will not pay more to build a house if than the cost to acquire an equally desired one. The shape of building may affect building cost, so you must get the area-perimeter ratio, which is - Answer- Square foot /linear foot (perimeter) to get ratio. *The lower the ratio, the more expensive to build. Direct Cost - Answer- "Ha...