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The basic responsibilities of the assessor are to ___________________ all taxable property -
Discover, List, and Value
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
If a tax rate is $13.30 per $100, the decimal equivalent would be - 0.1330
Actual value = $175,000; assessment level = 20 percent; tax rate= 92.8 mills. Calculate the
property tax for the residence - $3,248.00
_______________________________ divided by the assessed value equals the tax rate. - Budget
Assessment level times the tax rate equals the - Effective Tax Rate
____________________________________ is a the physical land and everything permanently attached
to it. - Real Estate
Which of the following is governmental restriction to the "bundle of rights"? - Emiment
Domain
Which of the following is a basic right associated with the ownership of property? - To use,
To lease or Rent, To enter or leave
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 - supply and demand
______________________ is the point at which the forces of supply and demand meet ---the point
of balance. - Equilibrium
A/an_________________________interest is ownership of all of the rights in a property, except
those reserved by the government, and with no private encumbrances. - Fee Simple
In the appraisal process, data collection requires the assessor to collect - General Data,
Specific Data, Comparative Data
Which of the following is not one of the four great forces by which value is created,
maintained, modified or destroyed? - Conceptual
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