IAAO 101 QUIZ QUESTIONS & VALID COMPLETE SOLUTIONS PASSED 100%

IAAO 101 QUIZ QUESTIONS & VALID
COMPLETE SOLUTIONS PASSED
100%
THE BASIC RESPONSIBLITIES OF THE ASSESSOR ARE TO
________________________________ALL TAXABLE PROPERTY - Correct Answer
✔✔ LIST
VALUE
DISCOVER

ONE OF THE STEPS AN ASSESSOR MUST TAKE IN THE DISCOVERY OF
PROPERTY IS - Correct Answer ✔✔ PERIODIC ON-SITE INSPECTIONS

A PROPERTY TAX IS A/AN ____________________________TAX, MEANING IT IS
BASED ON VALUE - Correct Answer ✔✔ AD VALOREM

ASSUME THE FOLLOWING CHARACTERISTICS FOR A SINGLE FAMILY
RESIDENCE:
ACTUAL VALUE = $175,000
ASSESSMENT LEVEL = 20%
TAX RATE = 92.8 MILLS
CALCULATE THE PROPERTY TAX FOR THE RESIDENCE - Correct Answer ✔✔
ASSESSMENT RATIO TIMES TAX RATE
.2 X .0928 = .01856 EFFECTIVE TAX RATE
VALUE TIMES EFFECTIVE TAX RATE
175,000 X .01856 = $3248 PROPERTY TAX

IF THE TAX RATE IS $13.30 PER $100, THE DICIMAL EQUIVALENT WOULD BE -
Correct Answer ✔✔ MOVE DECIMAL TWO PLACES LEFT
0.1330

______________________DIVIDED BY THE ASSESSED VALUE EQUALS THE TAX
RATE - Correct Answer ✔✔ BUDGET

ASSESSMENT LEVEL TIMES THE TAX RATE = - Correct Answer ✔✔ EFFECTIVE
TAX RATE

GIVEN THE FOLLOWING COMPUTE A TAX RATE USING DOLLARS PER
HUNDRED
BUDGET = 6,000,000
MARKET VALUE = 400,000,000
ASSESSMENT LEVEL = 50%