IAAO 101 EXAM 2026-2027 QUESTIONS AND
VERIFIED ANSWERS GRADED A+
The basic responsibilities of the assessor are to _________ all taxable property.
A. List
B. Value
C. Discover
D. All of the above
D. All of the above
One of the steps an assessor must take in the discovery of property is to
A. Create a legal description
B. Determine the physical attributes of the property
C. Conduct periodic on-site inspections of properties
D. Confirm the property rights
C. Conduct periodic on-site inspections of properties
The property tax is a/an _________ tax, meaning it is based on value.
A. Ad volorem
B Use tax
C. Income tax
D. Value added tax
A. Ad volorem
,Actual value = $175,000; assessment level = 20%; tax rate = 92.8 mills. Calculate
the property tax for the residence.
A. $324.80
B. $3,248.00
C. $1,624.00
D. $1,299.20
B. $3,248.00
If a tax rate is $13.30 per $100, the decimal equivalent would be
A. 0.1330
B. 1.3300
C. 13.300
D. 133.00
A. 0.1330
_________ divided by the assessed value equals the tax rate.
A. Market value
B. Millage
C. Budget
D. Assessment level
C. Budget
,Assessment level times the tax rate equals the
A. Effective tax rate
B. Nominal tax rate
C. Taxable value
D. Market value
A. 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 revenue: $1,000,000
A. $11.25
B. $6.25
C. $1.50
D. $1.25
D. $1.25
_____________ is the physical land and everything permanently attached to it.
A. Chattel
B. Real property
C. Real estate
D. All of the above
C. Real estate
, Which of the following is a governmental restriction to the "bundle of rights?"
A. Lien
B. Eminent domain
C. Lease
D. Easement
B. Eminent domain
Which of the following is a basic right associated with the ownership of property?
A. To use
B. To lease or rent
C. To enter or leave
D. All of the above
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
A. Supply and demand
B. Anticipation and change
C. Increasing and decreasing returns
D. Progression and regression
A. Supply and demand
VERIFIED ANSWERS GRADED A+
The basic responsibilities of the assessor are to _________ all taxable property.
A. List
B. Value
C. Discover
D. All of the above
D. All of the above
One of the steps an assessor must take in the discovery of property is to
A. Create a legal description
B. Determine the physical attributes of the property
C. Conduct periodic on-site inspections of properties
D. Confirm the property rights
C. Conduct periodic on-site inspections of properties
The property tax is a/an _________ tax, meaning it is based on value.
A. Ad volorem
B Use tax
C. Income tax
D. Value added tax
A. Ad volorem
,Actual value = $175,000; assessment level = 20%; tax rate = 92.8 mills. Calculate
the property tax for the residence.
A. $324.80
B. $3,248.00
C. $1,624.00
D. $1,299.20
B. $3,248.00
If a tax rate is $13.30 per $100, the decimal equivalent would be
A. 0.1330
B. 1.3300
C. 13.300
D. 133.00
A. 0.1330
_________ divided by the assessed value equals the tax rate.
A. Market value
B. Millage
C. Budget
D. Assessment level
C. Budget
,Assessment level times the tax rate equals the
A. Effective tax rate
B. Nominal tax rate
C. Taxable value
D. Market value
A. 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 revenue: $1,000,000
A. $11.25
B. $6.25
C. $1.50
D. $1.25
D. $1.25
_____________ is the physical land and everything permanently attached to it.
A. Chattel
B. Real property
C. Real estate
D. All of the above
C. Real estate
, Which of the following is a governmental restriction to the "bundle of rights?"
A. Lien
B. Eminent domain
C. Lease
D. Easement
B. Eminent domain
Which of the following is a basic right associated with the ownership of property?
A. To use
B. To lease or rent
C. To enter or leave
D. All of the above
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
A. Supply and demand
B. Anticipation and change
C. Increasing and decreasing returns
D. Progression and regression
A. Supply and demand
