(i) Authority of assessor to take evidence (ii) Amendment of schedule of fair market value e) Classes of real property f) Actual use of property as…

The question

(i) Authority of assessor to take evidence (ii) Amendment of schedule of fair market value e) Classes of real property f) Actual use of property as basis of assessment g) Assessment of real property (i) Assessment levels (ii) General revisions of assessments and property classification (iii) Date of effectivity of assessment or reassessment 112 | P a g e 2010-2015 Taxation Law Bar Examinations (iv) Assessment of property subject to back taxes (v) Notification of new or revised assessment h) Appraisal and assessment of machinery The appraisal, assessment, levy and collection of real property tax shall be guided by the following principles. Which statement does NOT belong here? (2012 Bar Question)

1. A.Real property shall be appraised at its current and fair market value;
2. B.Real property shall be classified for assessment purposes on the basis of its actual use;
3. C.Real property shall be assessed on the basis of a uniform classification within each local political subdivision;
4. D.The appraisal and assessment of real property shall be based on audited financial statements of the owner.

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