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Property taxes are typically set at a flat rate per $1,000

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Property taxes are typically set at a flat rate per $1,000 of officially assessed value. Reassessments should be frequent in order to remove distortions that arise when property values change at differential rates. In practice, however, reassessments typically occur when they benefit the government—that is, when their effect is to increase total tax revenue.

If the statements above are true, which of the following describes a situation in which a reassessment should occur but is unlikely to do so?


Property values have risen sharply and uniformly.

Property values have all risen—some very sharply, some less so.

Property values have for the most part risen sharply; yet some have dropped slightly.

Property values have for the most part dropped significantly; yet some have risen slightly.

Property values have dropped significantly and uniformly.

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[Reveal] Spoiler: OA

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Last edited by carcass on 06 Nov 2012, 01:39, edited 1 time in total.
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Re: Property taxes are typically set at a flat rate per $1,000 [#permalink]

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carcass wrote:
Property taxes are typically set at a flat rate per $1,000 of officially assessed value. Reassessments should be frequent in order to remove distortions that arise when property values change at differential rates. In practice, however, reassessments typically occur when they benefit the government—that is, when their effect is to increase total tax revenue.

If the statements above are true, which of the following describes a situation in which a reassessment should occur but is unlikely to do so?


Property values have risen sharply and uniformly.

Property values have all risen—some very sharply, some less so.

Property values have for the most part risen sharply; yet some have dropped slightly.

Property values have for the most part dropped significantly; yet some have risen slightly.

Property values have dropped significantly and uniformly.

I came across this question today at mba.com and even if I understood the logic behind I do not know how to list this CR

Try it. Thanks


"a situation in which a reassessment should occur but is unlikely to do so"

Reassessment should occur when property value changes at differential rates - A & E out
among B,C and D, only D provides a case where new taxes would be lower if reassessment is done. So it is highly unlikely that the reassesment would be done. (reassessments typically occur when they benefit the government).

Hence Ans D it is!
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Rates must have increased ununiformly or decreased ununiformly or there should have been increase in certain areas and decrease in other areas. So only B,C & D remain. Reassessment will not occur unless there has been more increase than decrease. So only D stands the test.

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carcass wrote:
Property taxes are typically set at a flat rate per $1,000 of officially assessed value. Reassessments should be frequent in order to remove distortions that arise when property values change at differential rates. In practice, however, reassessments typically occur when they benefit the government—that is, when their effect is to increase total tax revenue.

If the statements above are true, which of the following describes a situation in which a reassessment should occur but is unlikely to do so?


Property values have risen sharply and uniformly.

Property values have all risen—some very sharply, some less so.

Property values have for the most part risen sharply; yet some have dropped slightly.

Property values have for the most part dropped significantly; yet some have risen slightly.

Property values have dropped significantly and uniformly.

I came across this question today at mba.com and even if I understood the logic behind I do not know how to list this CR

Try it. Thanks


You might have come across mimic questions. You are given a particular argument and you have to find another argument which uses the same logic or you are given a situation and you have to find examples of that situation etc. This is a type of mimic question.
Understand the argument:
Property taxes are set at a flat rate per $1,000 of officially assessed value.
When property values change at differential rates, reassessment should happen.
In practice, reassessments occur when they increase total tax revenue.

When will total tax revenue increase? When the total assessed value increases.
Reassessments are needed when property values change at differential rates (rates of some properties go up, for some go down or for some go up steeply and for some go up slightly). But they will probably happen only when overall, the reassessed value will be higher than previous value (and when values change at differential rate)

In part D, the values have changed at differential rates so reassessment should happen. But the reassessed value will be lower than the current value so it will probably not happen.

Answer D
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Re: Property taxes are typically set at a flat rate per $1,000 [#permalink]

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New post 06 Nov 2012, 01:50
Well Boys and Girls (Karishma)

I'm not completely sure about the question resemble mimic the argument.

Mimic are soooo rare and unique (in OG 12th and 13th I do not remember it at all); moreover, they always say the word "mimic"

This question seems something like the role of the argument (bold face) without a bold or inference. A hybrid..........mah weird; it is one of those things that gmat does to make you completely out of balance or nervous. Even though it was not so difficult.

Thanks
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Re: Property taxes are typically set at a flat rate per $1,000 [#permalink]

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New post 06 Nov 2012, 02:05
Argument provides a particular phenomenon which is generally true and ask to Evaluate the situation in which the phenomenon is not true.

Phenomenon: Property tax is calculated based on the property value. Reassessment should be done if property value changes drastically. In practice government does reassessment only when property value has gone up.

Question ask us to evaluate a situation in which as per the phenomenon reassessment should be done but as per the practice government will not do the reassessment.

only option D provides such a situation.

I would say this is a evaluate problem.
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New post 06 Nov 2012, 02:07
I remember seeing a question type as "Provide an example" somewhere. This question seem sto suit that structure.

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WE HAVE TO LOOK FOR A SCENARIO WHERE SITUATION DEMANDS REASSESSMENT DUE TO PROPERTY VALUE CHANGES AT DIFFERENTIAL RATES YET GOVERNMENT NOT IMPLEMENTING IT AS IT DOES NOT BENEFIT BUT RATHER LOSES.....

If the statements above are true, which of the following describes a situation in which a reassessment should occur but is unlikely to do so?

Property values have risen sharply and uniformly.NO DIFFERENTIAL FACTOR....HENCE NOT APPLICABLE

Property values have all risen—some very sharply, some less so. GOVERNMENT BENEFITTING AND WILL GO FOR REASSESSMENT

Property values have for the most part risen sharply; yet some have dropped slightly.DIFFERENTIAL RATES ARE THERE BUT GOVERNMENT BENEFITTING AND WILL GO FOR REASSESSMENT

Property values have for the most part dropped significantly; yet some have risen slightly.....DIFFERENTIAL RATES APPLICABLE BUT GOVERNMENT WILL NOT GO FOR REASSESSMENT AS IT WILL BE AT LOSS...

Property values have dropped significantly and uniformly......NO DIFFERENTIAL FACTOR....HENCE NOT APPLICABLE

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New post 04 Apr 2014, 01:58
The question clearly mentions that " In practice, however, reassessments typically occur when they benefit the government".

and question asks "which of the following describes a situation in which a reassessment should occur but is unlikely to do so?"

Between D and E , E is ruled out because reassessments typically occur when they benefit the government and in choice E reassessments does not benefit the government.

Where as in D , Property values have for the most part dropped significantly; yet some have risen slightly.

Govt has for some reason to reassess the properity taxes, but unable to do that because most Property values have for the most part dropped significantly.

Hence correct answer is D :)
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Re: Property taxes are typically set at a flat rate per $1,000 [#permalink]

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New post 26 Dec 2014, 01:09
carcass wrote:
Property taxes are typically set at a flat rate per $1,000 of officially assessed value. Reassessments should be frequent in order to remove distortions that arise when property values change at differential rates. In practice, however, reassessments typically occur when they benefit the government—that is, when their effect is to increase total tax revenue.

If the statements above are true, which of the following describes a situation in which a reassessment should occur but is unlikely to do so?


Property values have risen sharply and uniformly.

Property values have all risen—some very sharply, some less so.

Property values have for the most part risen sharply; yet some have dropped slightly.

Property values have for the most part dropped significantly; yet some have risen slightly.

Property values have dropped significantly and uniformly.

I came across this question today at mba.com and even if I understood the logic behind I do not know how to list this CR

Try it. Thanks


conclusion : rates when increase benefit Govt.- > Govt. then reassessed values
OA: D - rated did not increase -> so no reassessment, but slight increase shows Govt. shd have reassessed
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Property taxes are typically set at a flat rate per $1,000 [#permalink]

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New post 05 Oct 2015, 22:47
VeritasPrepKarishma wrote:
You might have come across mimic questions. You are given a particular argument and you have to find another argument which uses the same logic or you are given a situation and you have to find examples of that situation etc. This is a type of mimic question.
Understand the argument:
Property taxes are set at a flat rate per $1,000 of officially assessed value.
When property values change at differential rates, reassessment should happen.
In practice, reassessments occur when they increase total tax revenue.

When will total tax revenue increase? When the total assessed value increases.
Reassessments are needed when property values change at differential rates (rates of some properties go up, for some go down or for some go up steeply and for some go up slightly). But they will probably happen only when overall, the reassessed value will be higher than previous value (and when values change at differential rate)

In part D, the values have changed at differential rates so reassessment should happen. But the reassessed value will be lower than the current value so it will probably not happen.

Answer D


Karishma I really don't get understand this question at all. In option B, if ALL property values have gone up, why would the government even want to do a re-assessment? Their tax revenues will have all increased! Some help please?
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New post 05 Oct 2015, 23:51
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SamuelWitwicky wrote:
VeritasPrepKarishma wrote:
You might have come across mimic questions. You are given a particular argument and you have to find another argument which uses the same logic or you are given a situation and you have to find examples of that situation etc. This is a type of mimic question.
Understand the argument:
Property taxes are set at a flat rate per $1,000 of officially assessed value.
When property values change at differential rates, reassessment should happen.
In practice, reassessments occur when they increase total tax revenue.

When will total tax revenue increase? When the total assessed value increases.
Reassessments are needed when property values change at differential rates (rates of some properties go up, for some go down or for some go up steeply and for some go up slightly). But they will probably happen only when overall, the reassessed value will be higher than previous value (and when values change at differential rate)

In part D, the values have changed at differential rates so reassessment should happen. But the reassessed value will be lower than the current value so it will probably not happen.

Answer D




Karishma I really don't get understand this question at all. In option B, if ALL property values have gone up, why would the government even want to do a re-assessment? Their tax revenues will have all increased! Some help please?


There are two different property values - market value and appraised value

Market value is what changes every day and with every deal - e.g. it could be considered the last transaction value of a fair negotiation not committed under duress. Or it could be the average of last 3 transactions or some such formula etc. It is not fixed.

Property tax taken by the govt cannot be calculated using market value because of the huge short term fluctuations. They use assessed value of a property for a certain period of time, say 2 yrs. They can reassess after 2 yrs and then use that as a base. Or they can choose to reassess when they feel that the market price has moved up/down for the long term etc.

The argument tells you how the govt decides to reassess. The property tax will increase if the reassessed value is higher than previous value. An increase in market value does not increase property tax.
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New post 06 Oct 2015, 00:15
VeritasPrepKarishma I get it now thanks a lot Karishma. B is definitely wrong then. Government will definitely want to reassess the value of the property because there is potential that the original assessed value is undervalued.
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New post 06 Oct 2015, 19:55
carcass wrote:
Property taxes are typically set at a flat rate per $1,000 of officially assessed value. Reassessments should be frequent in order to remove distortions that arise when property values change at differential rates. In practice, however, reassessments typically occur when they benefit the government—that is, when their effect is to increase total tax revenue.

If the statements above are true, which of the following describes a situation in which a reassessment should occur but is unlikely to do so?


Property values have risen sharply and uniformly.

Property values have all risen—some very sharply, some less so.

Property values have for the most part risen sharply; yet some have dropped slightly.

Property values have for the most part dropped significantly; yet some have risen slightly.

Property values have dropped significantly and uniformly.

I came across this question today at mba.com and even if I understood the logic behind I do not know how to list this CR

Try it. Thanks




Hi carcass
Can you please explain how D is better than E,
Because if all the property values have dropped then also government is not likely to do the assessment.
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Re: Property taxes are typically set at a flat rate per $1,000 [#permalink]

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New post 06 Oct 2015, 20:19
dav90 wrote:
carcass wrote:
Property taxes are typically set at a flat rate per $1,000 of officially assessed value. Reassessments should be frequent in order to remove distortions that arise when property values change at differential rates. In practice, however, reassessments typically occur when they benefit the government—that is, when their effect is to increase total tax revenue.

If the statements above are true, which of the following describes a situation in which a reassessment should occur but is unlikely to do so?


Property values have risen sharply and uniformly.

Property values have all risen—some very sharply, some less so.

Property values have for the most part risen sharply; yet some have dropped slightly.

Property values have for the most part dropped significantly; yet some have risen slightly.

Property values have dropped significantly and uniformly.

I came across this question today at mba.com and even if I understood the logic behind I do not know how to list this CR

Try it. Thanks




Hi carcass
Can you please explain how D is better than E,
Because if all the property values have dropped then also government is not likely to do the assessment.


Karishma from Veritas actually explained it earlier. You should read the post entries before asking the same question. She explained in detail the meaning of "property values change at differential rates"

In summary, reassessments SHOULD occur WHEN property values change at DIFFERENT rates = some decrease by a lot while others decrease/increase by a little = NOT uniform

The problem with E is that the prices dropped uniformly. That's not "differential rates" and therefore reassessment is NOT needed, which does not fulfil the question stem which asks for a scenario in which a reassessment is needed.
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New post 21 Jan 2016, 10:37
D. no other option is close enough to qualify for an answer.
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Re: Property taxes are typically set at a flat rate per $1,000 [#permalink]

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New post 23 Jan 2016, 10:34
carcass wrote:
Property taxes are typically set at a flat rate per $1,000 of officially assessed value. Reassessments should be frequent in order to remove distortions that arise when property values change at differential rates. In practice, however, reassessments typically occur when they benefit the government—that is, when their effect is to increase total tax revenue.

If the statements above are true, which of the following describes a situation in which a reassessment should occur but is unlikely to do so?


Property values have risen sharply and uniformly.

Property values have all risen—some very sharply, some less so.

Property values have for the most part risen sharply; yet some have dropped slightly.

Property values have for the most part dropped significantly; yet some have risen slightly.

Property values have dropped significantly and uniformly.

I came across this question today at mba.com and even if I understood the logic behind I do not know how to list this CR

Try it. Thanks


Kind of tricky. But good question.

ABC are out because the question states it is unlikely to do so - that means total tax revenues would go down. That is the majority of the tax is down.

E does not satisfy that it 'reassessment should occur' because it has not risen at all.

D is the correct answer.
Re: Property taxes are typically set at a flat rate per $1,000   [#permalink] 23 Jan 2016, 10:34
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