ch 6 Flashcards
What factors are most important when defining cost effectiveness in the context of property tax administration?
Low administrative costs and high performance in appraisal accuracy, accurate records etc.
Which achievement is most critical when considering the effectiveness of property tax administration in its broadest sense?
80% of potentially taxable properties have been placed on the assessment roll.
The concept of subsidiarity
Matters ought to be handled by the smallest (lowest) component authority.
A non policymaking function.
Ministerial
Simultaneous access to information by different users is substantially increased, effective use of available market data is substantially increased and the potential for losing or mislaying property records is substantially reduced.
Advantages of a modern computer assisted mass appraisal system (CAMA):
An action by a supervisory agency to bring assessments in the local assessment districts under its jurisdiction to a common level.
Equalization
Formula for equalization factor:
The desired assessment level divided by the actual assessment level.
The importance of developing map based fiscal cadastres:
Assessors can efficiently ensure that all parcels of land are listed in the assessment roll and that there are no gaps or overlaps in property descriptions.
Property tax systems based on market value are less likely to need measures to adress ability to pay : T/F
False
Which view of incidence of property tax contends that the tax is more like a price for a particular mix of services?
benefit view
All else being equal when taxes rise, capitalization means that property values
fall
Neutral non-judgemental info
positive
Property tax levy limits are/are not examples of shared responsiblities between governments
are not
The degree to which economic efficiency is altered
neutrality
A tax system that provides higher revenue during economic upswings and lower revenue during downturns is considered
elastic
Tax base includes the following except: labor income consumption wealth
labor
What type of tax is used if there is a concern for vertical equity
income
What items are considered in qualitative revenue forecasting
delphi, expert, consensus
which equil analysis looks at multiple markets
general
what term is used to describe overall tax burden on an economy
tax burden analysis
Valuation system that can shift higher taxes to 1st time home buyers
acquisition
When values are stable which will provide more certainty in prop taxes, rate or budget driven
rate driven
