IAAO 101 – Review/ 103 Questions and
Answers; A+ GUARANTEED.
The property tax is an ____ __________ tax, meaning it is based on
value. - -ad valorem
-The assessor is responsible for the _______, ________, and
__________ of all taxable property. - -discovery
listing
valuation
-The taxable location of personal property is referred to as its
__________. - -situs
-An estimate of value, usually in writing, of an adequately
described property, as of a given date, is termed ___ ___________. -
-an appraisal
-A jurisdiction's tax rate is determined by dividing the _________ to
be derived from property tax by the total _________ ____________ of
the taxing jurisdiction. - -budget
assessed valuation
-The type of value usually estimated by the assessor is __________
value. - -market
, -The _________ ________ _________ reflects the ratio between the
current tax bill and the property value. - -effective tax rate
-In order for a property to have value, it must have ______,
_______, ________ and __________ __________ _________. - -utility
scarcity
desirability
effective purchasing power
-The use that generates the highest net return to a property over
a reasonable time period is called ________ _______ _________
_________. - -highest and best use
-The principle of __________ states that maximum value of a
neighborhood is attained when the uses of land are perfectly
complementary. - -balance
-Which appraisal principle affirms that land cannot be valued on
the basis of one use while improvements are valued on the basis
of another? - -Consistent use
-List the four tests that the appraiser must make in the analysis
of the highest and best use. - -Legally permissible
Physically possible
Financially feasible
Most productive
, -_______ ________ is a parcel of land and any structures or
improvements that are permanently affixed thereto. - -Real
estate
-Property is considered ________ if it can be moved without
causing any damage or change to either the item of property or
the structure to which it is attached. - -personal
-Assessment level times the tax rate equals the _________ ______
________. - -effective tax rate
-____________ is the point at which the forces of supply and forces
of demand meet. - -Equilibrium
-List the two types of highest and best use analysis. - -A. As if
vacant.
B. As if improved.
-The typical life cycle of a neighborhood includes ________,
________, _______ and ___________. - -growth
stability
decline
revitalization
Answers; A+ GUARANTEED.
The property tax is an ____ __________ tax, meaning it is based on
value. - -ad valorem
-The assessor is responsible for the _______, ________, and
__________ of all taxable property. - -discovery
listing
valuation
-The taxable location of personal property is referred to as its
__________. - -situs
-An estimate of value, usually in writing, of an adequately
described property, as of a given date, is termed ___ ___________. -
-an appraisal
-A jurisdiction's tax rate is determined by dividing the _________ to
be derived from property tax by the total _________ ____________ of
the taxing jurisdiction. - -budget
assessed valuation
-The type of value usually estimated by the assessor is __________
value. - -market
, -The _________ ________ _________ reflects the ratio between the
current tax bill and the property value. - -effective tax rate
-In order for a property to have value, it must have ______,
_______, ________ and __________ __________ _________. - -utility
scarcity
desirability
effective purchasing power
-The use that generates the highest net return to a property over
a reasonable time period is called ________ _______ _________
_________. - -highest and best use
-The principle of __________ states that maximum value of a
neighborhood is attained when the uses of land are perfectly
complementary. - -balance
-Which appraisal principle affirms that land cannot be valued on
the basis of one use while improvements are valued on the basis
of another? - -Consistent use
-List the four tests that the appraiser must make in the analysis
of the highest and best use. - -Legally permissible
Physically possible
Financially feasible
Most productive
, -_______ ________ is a parcel of land and any structures or
improvements that are permanently affixed thereto. - -Real
estate
-Property is considered ________ if it can be moved without
causing any damage or change to either the item of property or
the structure to which it is attached. - -personal
-Assessment level times the tax rate equals the _________ ______
________. - -effective tax rate
-____________ is the point at which the forces of supply and forces
of demand meet. - -Equilibrium
-List the two types of highest and best use analysis. - -A. As if
vacant.
B. As if improved.
-The typical life cycle of a neighborhood includes ________,
________, _______ and ___________. - -growth
stability
decline
revitalization
