Questions and Answers
The basic responsibilities of the assessor are to ___________ all taxable property.
all of the above
One of the steps an assessor must take in the discovery of property is to
conduct periodic on-site inspections of properties
The property tax is a/an _____________ tax, meaning it is based on value.
ad valorem
Actual value = $175,000; assessment level = 20 percent; tax rate = 92.8 mills. Calculate the property tax for the residence.
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If a tax rate is $13.30 per $100, the decimal equivalent would be
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____________ divided by the assessed value equals the tax rate.
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Assessment level times the tax rate equals the
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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
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________________ is the physical land and everything permanently attached to it.
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Which of the following is a governmental restriction to the "bundle of rights"?
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Which of the following is a basic right associated with the ownership of property?
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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
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______________ is the point at which the forces of supply and demand meet--the point of balance.
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A _____________ interest is ownership of all the rights in a property, except those reserved by the government, and with no private encumbrances.
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In the appraisal process, data collection requires the assessor to collect
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Which of the following is not one of the four great forces by which value is created, maintained, modified, or destroyed?
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A ________________ may be defined as an area of complementary land uses in which all properties are similarly influenced by the four forces affecting value.
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Given the following: Parcel A - Land value $50,000 Improvement value $150,000; Parcel B - Land value $100,000 Improvement value $300,000; Subject property - Total value $300,000 Using the allocation method of land valuation, the land value for the subject would be
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What element of the marketplace is likely to contribute to a change in demand?
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What element of the marketplace is likely to contribute to a change in supply?
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A township in the Public Land Survey System contains ___________ sections, with each section containing ___________acres.
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The NE1/4NW1/4SE1/4SW1/4 contains _____________ acres.
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A land description system in which boundaries are described as distances between two semipermanent points or as lines following compass bearings is known as
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The principle that states that market value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property is
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A parcel identifier links ownership records, tax maps, and assessment records. Thus, the identifier must be
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Stratification is the first step in analyzing land sales, and the primary sort is by
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A 70' x 120' site with level ground and an average view and located south of Route 66 is being appraised. Sale 1 sold recently for $50,000, is 80' x 120', has hilly ground and a fair view, and is located north of Route 66. Sale 2 sold 4 months ago for $64,500, is 60' x 120', has level ground and a good view, and is located south of Route 66. Lots located south of route 66 are considered 10 percent more desirable than lots located north of Route 66. A good view is worth 15 percent more, and a fair view is worth 15 percent less. Level ground is worth 10 percent more than hilly ground. Lot sizes that vary more than 1,000 square feet require a 10 percent adjustment. Lot values have been increasing at a rate of 0.5 percent per month. The indicated value of the subject lot would be
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The subject property is a duplex located on a 9,000-square-foot lot. The total value of this property is $280,000. There are two sales that are similar, and the improvement value is well documented. Sale 1 sells currently for $300,000, with an improvement value of $240,000. Sale 2 sold 12 months ago for $250,000, with a current improvement value of $220,000. The lot size for both Sale 1 and Sale 2 is 9,000 square feet. Values in this area have been increasing at a rate of 10 per cent per year. Using the allocation method of land valuation, the indicated value of the lot for the subject property would be
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Given the following: Sale price $220,000; Cost new of improvement $260,000; Depreciation $90,000 The indicated land value would be
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The principle illustrating that market value is determined by such factors as zoning, rent controls, interest rates, and so on is
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The appropriate map scale for urban areas is
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A lot measures 242' x 1800'. What is the value of the lot if the land is worth $60,000 per acre?
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The ______________ unit would be the appropriate unit when pedestrian access is an important consideration.
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When adjustments are being made to comparable sales, using percentage adjustments in the direct sales comparison approach, the sequence of adjustments the appraiser must follow is
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The land valuation method that replicates the actions of subdividers or developers is known as the
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