IAAO 402 Exam
2026-2027
Expert-Verified Questions and
Answers
(With A+ Grades Guarantee)
, A $25000 homestead exemption is an example of a partial exemption
________________________________.
Administratively, the functions of a property tax system are: To identify and link taxable subjects (taxpayers) and taxable objects (property)
Produce tax assessments
Collect taxes
All else being equal, when taxes rise, capitalization means property values fall
that:
All of the following are common examples of shared Property tax levy limits
responsibilities between governments EXCEPT:
Property tax valuation programs which require states to assess railroads and
counties to assess other business property.
State provided collection assistance for local sales taxes
The International Fuels Tax Agreement (IFTA)
All of the following are possible advantages of a tax New businesses may become more competitive than previously existing
increment financing EXCEPT: businesses.
Start up costs may be lessened
Development of depressed areas may be facilitated
Bonding or financial leverage may be provided
Analytical studies that provide information in a neutral, positive
non-judgmental way are __________________________.
The _____________________ approach is purely factual positive
without judgments.
The ________________ approach starting point includes normative
value judgments.
As a percentage of general revenue, which local Special Districts (sewer, fire, cemetery)
governments rely most heavily on charges?
Assessed value increases are more closely tied to tax and rate
revenue increases in a _____________________ driven
system.
An assessment system in which fractional ratios are classification
applied to appraised values is _________________.
Assessment systems in which taxable value reverts to acquisition value systems
market value at time of sale are known as
______________________________________________
___________.
An assessment system that underassesses residential de facto exemption
property even though such undersassessment is not
permitted by law is providing a
_____________________________.
2026-2027
Expert-Verified Questions and
Answers
(With A+ Grades Guarantee)
, A $25000 homestead exemption is an example of a partial exemption
________________________________.
Administratively, the functions of a property tax system are: To identify and link taxable subjects (taxpayers) and taxable objects (property)
Produce tax assessments
Collect taxes
All else being equal, when taxes rise, capitalization means property values fall
that:
All of the following are common examples of shared Property tax levy limits
responsibilities between governments EXCEPT:
Property tax valuation programs which require states to assess railroads and
counties to assess other business property.
State provided collection assistance for local sales taxes
The International Fuels Tax Agreement (IFTA)
All of the following are possible advantages of a tax New businesses may become more competitive than previously existing
increment financing EXCEPT: businesses.
Start up costs may be lessened
Development of depressed areas may be facilitated
Bonding or financial leverage may be provided
Analytical studies that provide information in a neutral, positive
non-judgmental way are __________________________.
The _____________________ approach is purely factual positive
without judgments.
The ________________ approach starting point includes normative
value judgments.
As a percentage of general revenue, which local Special Districts (sewer, fire, cemetery)
governments rely most heavily on charges?
Assessed value increases are more closely tied to tax and rate
revenue increases in a _____________________ driven
system.
An assessment system in which fractional ratios are classification
applied to appraised values is _________________.
Assessment systems in which taxable value reverts to acquisition value systems
market value at time of sale are known as
______________________________________________
___________.
An assessment system that underassesses residential de facto exemption
property even though such undersassessment is not
permitted by law is providing a
_____________________________.
