Property Tax System Review Questions PDF

1\. The three components of a Property Tax System are the \_\_\_\_\_\_\_\_\_\_, \_\_\_\_\_\_\_\_\_\_, and \_\_\_\_\_\_\_\_\_\_. a\) Assessment system, Appeal system, Collection system b\) Valuation system, Collection system, Appeal system c\) Assessment system, Payment system, Valuation system d...

1\. The three components of a Property Tax System are the \_\_\_\_\_\_\_\_\_\_, \_\_\_\_\_\_\_\_\_\_, and \_\_\_\_\_\_\_\_\_\_. a\) Assessment system, Appeal system, Collection system b\) Valuation system, Collection system, Appeal system c\) Assessment system, Payment system, Valuation system d\) Collection system, Valuation system, Audit system Answer: a) Assessment system, Appeal system, Collection system Explanation: These are the three key components of a property tax system. The assessment system determines the property\'s value, the appeal system allows property owners to challenge their assessment, and the collection system is responsible for collecting and distributing tax revenue. 2\. \_\_\_\_\_\_\_\_\_\_ systems update master files directly from computer workstations and edits are built into data entry software. a\) Paper filing b\) Online data entry c\) Server-based d\) Manual entry Answer: b) Online data entry Explanation: Online data entry systems allow for real-time updating of master files from computer workstations, with built-in checks and validations to ensure data integrity. 3\. A \_\_\_\_\_\_\_\_\_\_ should be conducted to measure and evaluate the accuracy and uniformity of new values. a\) Tax audit b\) Ratio study c\) Market survey d\) Financial review Answer: b) Ratio study Explanation: A ratio study is conducted to assess how accurately and uniformly property values have been appraised, ensuring fairness across the system. 4\. The receipt of payments and distribution of funds is part of the \_\_\_\_\_\_\_\_\_\_ system. a\) Assessment b\) Appeal c\) Collection d\) Valuation Answer: c) Collection Explanation: The collection system handles the receipt of property tax payments and ensures the proper distribution of those funds to various governmental entities. 5\. Which of the following is NOT one of the four components of the mass appraisal system? a\) Data Collection and Maintenance, Exploratory Data Analysis, Model Development, Appeal Process b\) Data Collection and Maintenance, Exploratory Data Analysis, Model Development, Model Application, Review, and Reconciliation c\) Data Collection and Maintenance, Statistical Review, Model Development, Exploratory Data Analysis d\) Exploratory Data Analysis, Model Calibration, Data Collection and Maintenance, Financial Analysis Answer: a) Data Collection and Maintenance, Exploratory Data Analysis, Model Development, Appeal Process Explanation: The \"Appeal Process\" is not part of the mass appraisal system. The correct components are Data Collection and Maintenance, Exploratory Data Analysis, Model Development, and Model Application, Review, and Reconciliation. 6\. Analysis of available \_\_\_\_\_\_\_\_\_\_, such as personnel, maps, and databases, is critical before conducting a reappraisal. a\) Financial reports b\) Resources c\) Market trends d\) Government regulations Answer: b) Resources Explanation: Before conducting a reappraisal, it is essential to evaluate the available resources, including personnel, maps, and databases, to ensure the process can be executed efficiently. 7\. Sales data, cost data, and income data are components of the \_\_\_\_\_\_\_\_\_\_ portion of Data Collection & Maintenance. a\) Model Development b\) Market data c\) Exploratory Analysis d\) Reappraisal Answer: b) Market data Explanation: Sales, cost, and income data are part of the market data collected during the Data Collection & Maintenance phase. These are crucial for understanding market conditions and establishing property values. 8\. Many times, a \_\_\_\_\_\_\_\_\_\_ decision must be made because of statutes or administrative rules. a\) Reappraisal b\) Appeal c\) Payment d\) Collection Answer: a) Reappraisal Explanation: Reappraisal decisions are often mandated by statutes or administrative rules to ensure that property values remain current and reflect market conditions. 9\. Property characteristics data should be thoroughly \_\_\_\_\_\_\_\_\_\_ and \_\_\_\_\_\_\_\_\_\_ to ensure quality control. a\) Collected, stored b\) Edited, tested c\) Verified, recorded d\) Filed, updated Answer: b) Edited, tested Explanation: Editing and testing property characteristics data ensures accuracy and consistency, which are essential for maintaining high-quality data in the appraisal process. 10\. Property owners may dispute their value, and this is part of the \_\_\_\_\_\_\_\_\_\_ system. a\) Collection b\) Appeal c\) Assessment d\) Tax filing Answer: b) Appeal Explanation: The appeal system provides property owners with a mechanism to dispute the assessed value of their property if they believe it to be incorrect.