12 Questions
Property valuation is considered part of which administrative component of a property tax system?
Assessment
What is the requirement for public notification when property tax budgets or rates will increase more than a nominal amount known as?
Truth in taxation provisions
Which of the following is a disadvantage to an acquisition value-based assessment system?
Similar properties in the same area may pay significantly different tax amounts
Which of the following methods might best encourage public engagement and transparency regarding property tax?
Employing appropriate communications media and suitable technology to make information readily available
Which of the following is an advantage of decentralized property tax administrative systems, such as those found in the U. S.?
Smaller districts are more responsive to taxpayer needs, enhancing accountability
What is the process by which states may require localities to adjust assessed values in order to attain the legal level of assessment?
Direct equalization
How has the property tax base been changing in recent years?
Fewer intangibles and movable property are taxed
A neighborhood in a district with a budget-driven tax system recently saw its assessed value increase 10% and its taxes increase 15%. Inquiries indicated no overall revenue increase for the taxing district. Which of the following is a likely explanation?
Some other neighborhoods had smaller assessed value increases
Which of the following is an advantage of current market value as the basis for property tax?
Current market value is understandable and objective
Laws supporting equity in property taxation should contain provisions for which of the following?
Disclosure of sale prices to assessing officers
Why is it likely that property tax will probably continue as a major source of local government tax revenue?
Adequate broad-based substitutes that permit local government fiscal autonomy do not exist
Which of the following is a common use for ratio study results?
Equalizing local tax rates or state aid to education and local governments
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