Question 1

Taxes on real property are levied on an ad valorem basis.

Accepted Answer

A) True 
 B)False  True

Question 2

Choose the one most appropriate answer for each.
-an improvement that benefits the public at large and is therefore financed by general property taxes

Accepted Answer

A)  adjusted sales price
B)  ad valorem tax
C)  amount realized
D)  appropriation process
E)  assessed valueF) assessment appeal boardG) assessment rollH) basisI) conveyance taxJ) documentary taxK) front-foot basisL) improvement districtM) installment methodN) long-term capital gainO) mill rateP) public improvementQ) special assessmentsR) tax certificateS) tax deedT) tax lien

Question 3

In calculating "basis" for income tax purposes, one must take into consideration the market value of similar properties.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following would be the highest tax rate?

Accepted Answer

A)   38 mills
B)   $3.80./$100
C)   $38/$1,000
D)   no difference

Question 5

In a residential neighborhood, the assessment for installation of storm sewers, curbs, and gutters is made on a _________________________ basis.

Accepted Answer

The answer of In a residential neighborhood, the assessment for...

Question 6

Choose the one most appropriate answer for each.
-the enactment of a taxing body's budget and sources of money into law

Accepted Answer

A)  adjusted sales price
B)  ad valorem tax
C)  amount realized
D)  appropriation process
E)  assessed valueF) assessment appeal boardG) assessment rollH) basisI) conveyance taxJ) documentary taxK) front-foot basisL) improvement districtM) installment methodN) long-term capital gainO) mill rateP) public improvementQ) special assessmentsR) tax certificateS) tax deedT) tax lien

Question 7

When local budgets along with a list of sources from which the money will be derived, is enacted into law, it is called the ____________________ process.

Accepted Answer

The answer of When local budgets along with a list...

Question 8

The appropriation appeals board hears complaints from property owners regarding their assessments.

Accepted Answer

A) True 
 B)False

Question 9

Local government programs and services are financed primarily through

Accepted Answer

A)   property taxes.
B)   federal income taxes.
C)   state income taxes.
D)   state sales taxes. A

Question 10

Choose the one most appropriate answer for each.
-a charge or levy based directly on the measured distance that a parcel of land abuts a street

Accepted Answer

A)  adjusted sales price
B)  ad valorem tax
C)  amount realized
D)  appropriation process
E)  assessed valueF) assessment appeal boardG) assessment rollH) basisI) conveyance taxJ) documentary taxK) front-foot basisL) improvement districtM) installment methodN) long-term capital gainO) mill rateP) public improvementQ) special assessmentsR) tax certificateS) tax deedT) tax lien

Question 11

The tax rate on a property is $3.32 per $100 of assessed valuation. The assessed value is $55,864. What is the annual tax payment? (round to the nearest dollar)

Accepted Answer

A)   $185
B)   $594
C)   $592
D)   $1,855

Question 12

Choose the one most appropriate answer for each.
-a preferential income tax treatment on the sale of an appreciated asset before 1987

Accepted Answer

A)  adjusted sales price
B)  ad valorem tax
C)  amount realized
D)  appropriation process
E)  assessed valueF) assessment appeal boardG) assessment rollH) basisI) conveyance taxJ) documentary taxK) front-foot basisL) improvement districtM) installment methodN) long-term capital gainO) mill rateP) public improvementQ) special assessmentsR) tax certificateS) tax deedT) tax lien

Question 13

The following public improvements would most probably be funded by a special assessment EXCEPT

Accepted Answer

A)   installation of street lights.
B)   curbs.
C)   reconstruction of city sewage plant.
D)   widening of neighborhood streets.

Question 14

In calculating the gain on the sale of a residence for income tax purposes, it is necessary to calculate the amount ____________________ from the sale.

Accepted Answer

The answer of In calculating the gain on the sale...

Question 15

A home with a cost basis of $40,800 in 2005 is resold today for $90,000. Commissions and closing expenses are $6,300. What is the gain on the sale?

Accepted Answer

A)   $6,300
B)   $42,900
C)   $83,700
D)   $82,600

Question 16

Choose the one most appropriate answer for each.
-a charge or hold by a government against property to ensure the payment of taxes

Accepted Answer

A)  adjusted sales price
B)  ad valorem tax
C)  amount realized
D)  appropriation process
E)  assessed valueF) assessment appeal boardG) assessment rollH) basisI) conveyance taxJ) documentary taxK) front-foot basisL) improvement districtM) installment methodN) long-term capital gainO) mill rateP) public improvementQ) special assessmentsR) tax certificateS) tax deedT) tax lien

Question 17

When a home owner feels his property has been assessed too high and files an appeal, the burden of proof is on the

Accepted Answer

A)   appraiser chosen by the home owner.
B)   assessor's staff appraiser.
C)   homeowner.
D)   county supervisor.

Question 18

In some states the board of equalization equalizes assessment procedures between counties.

Accepted Answer

A) True 
 B)False

Question 19

Choose the one most appropriate answer for each.
-a tax expressed in tenths of a cent per dollar of assessed valuation

Accepted Answer

A)  adjusted sales price
B)  ad valorem tax
C)  amount realized
D)  appropriation process
E)  assessed valueF) assessment appeal boardG) assessment rollH) basisI) conveyance taxJ) documentary taxK) front-foot basisL) improvement districtM) installment methodN) long-term capital gainO) mill rateP) public improvementQ) special assessmentsR) tax certificateS) tax deedT) tax lien O

Question 20

The theory of special assessment allocation is that the improvement benefits the

Accepted Answer

A)   land in the district.
B)   structures in the county.
C)   people in the equalization area.
D)   businesses in the district.

Exam 14: Taxes and Assessments

Taxes on real property are levied on an ad valorem basis.

Correct AnswerverifiedTrue

Choose the one most appropriate answer for each. -an improvement that benefits the public at large and is therefore financed by general property taxes

Correct AnswerverifiedShow Answer

In calculating "basis" for income tax purposes, one must take into consideration the market value of similar properties.

Correct AnswerverifiedShow Answer

Which of the following would be the highest tax rate?

Correct AnswerverifiedShow Answer

In a residential neighborhood, the assessment for installation of storm sewers, curbs, and gutters is made on a _________________________ basis.

Correct AnswerverifiedShow Answer

Choose the one most appropriate answer for each. -the enactment of a taxing body's budget and sources of money into law

Correct AnswerverifiedShow Answer

When local budgets along with a list of sources from which the money will be derived, is enacted into law, it is called the ____________________ process.

Correct AnswerverifiedShow Answer

The appropriation appeals board hears complaints from property owners regarding their assessments.

Correct AnswerverifiedShow Answer

Local government programs and services are financed primarily through

Correct AnswerverifiedA

Choose the one most appropriate answer for each. -a charge or levy based directly on the measured distance that a parcel of land abuts a street

Correct AnswerverifiedShow Answer

The tax rate on a property is $3.32 per $100 of assessed valuation. The assessed value is $55,864. What is the annual tax payment? (round to the nearest dollar)

Correct AnswerverifiedShow Answer

Choose the one most appropriate answer for each. -a preferential income tax treatment on the sale of an appreciated asset before 1987

Correct AnswerverifiedShow Answer

The following public improvements would most probably be funded by a special assessment EXCEPT

Correct AnswerverifiedShow Answer

In calculating the gain on the sale of a residence for income tax purposes, it is necessary to calculate the amount ____________________ from the sale.

Correct AnswerverifiedShow Answer

A home with a cost basis of $40,800 in 2005 is resold today for $90,000. Commissions and closing expenses are $6,300. What is the gain on the sale?

Correct AnswerverifiedShow Answer

Choose the one most appropriate answer for each. -a charge or hold by a government against property to ensure the payment of taxes

Correct AnswerverifiedShow Answer

When a home owner feels his property has been assessed too high and files an appeal, the burden of proof is on the

Correct AnswerverifiedShow Answer

In some states the board of equalization equalizes assessment procedures between counties.

Correct AnswerverifiedShow Answer

Choose the one most appropriate answer for each. -a tax expressed in tenths of a cent per dollar of assessed valuation

Correct AnswerverifiedO

The theory of special assessment allocation is that the improvement benefits the

Correct AnswerverifiedShow Answer

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