IAAO 101 Questions And Correct Answers
(Verified Answers) 2026
The basic responsibilities of the assessor are to _________ all taxable property. - CORRECT
ANSWER -A. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to: - CORRECT ANSWER
-conduct periodic on-site inspections of properties
The 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 percent; tax rate=92.8 mills. Calculate the property
tax for the residence. - CORRECT ANSWER -$3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - CORRECT ANSWER -0.1330
______________ divided by the assessed value equals the tax rate. - CORRECT ANSWER -
Budget
Assessment level times the tax rate equals the_____________________. - CORRECT ANSWER
-effective tax rate
, Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000 - CORRECT ANSWER -$1.25
____________ is the physical land and everything permanently attached to it. - CORRECT
ANSWER -real estate
Which of the following is a governmental restriction to the "bundle of rights"? - CORRECT
ANSWER -eminent domain
Which of the following is a basic right associated with the ownership of property? - CORRECT
ANSWER -A. to use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and effective
purchasing power. the economic forces that determine scarcity are_________________. -
CORRECT ANSWER -supply and demand
___________ is the point at which the forces of supply and demand meet----the point of balance.
- CORRECT ANSWER -equilibrium
(Verified Answers) 2026
The basic responsibilities of the assessor are to _________ all taxable property. - CORRECT
ANSWER -A. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to: - CORRECT ANSWER
-conduct periodic on-site inspections of properties
The 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 percent; tax rate=92.8 mills. Calculate the property
tax for the residence. - CORRECT ANSWER -$3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - CORRECT ANSWER -0.1330
______________ divided by the assessed value equals the tax rate. - CORRECT ANSWER -
Budget
Assessment level times the tax rate equals the_____________________. - CORRECT ANSWER
-effective tax rate
, Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000 - CORRECT ANSWER -$1.25
____________ is the physical land and everything permanently attached to it. - CORRECT
ANSWER -real estate
Which of the following is a governmental restriction to the "bundle of rights"? - CORRECT
ANSWER -eminent domain
Which of the following is a basic right associated with the ownership of property? - CORRECT
ANSWER -A. to use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and effective
purchasing power. the economic forces that determine scarcity are_________________. -
CORRECT ANSWER -supply and demand
___________ is the point at which the forces of supply and demand meet----the point of balance.
- CORRECT ANSWER -equilibrium
