Senior Property Tax Consultant Study
Guide - Texas
The Texas Property Tax Code, Section 41, provides for Local Review which:
A - lists the reasons for taxpayer appeals
B - lists the types of exemptions available to the taxpayer
C - lists the different types of taxable property
D - lists the qualifications to serve on an appraisal review board - answerA - lists the
reasons for taxpayer appeals
Property value may be estimated using what approaches: - answerSales comparison,
income capitalization and cost approaches
The Texas Property Tax Code, Section 42, provides for Judicial Review including:
A - the rights of disabled veterans
B - the right to appeal the Order of Determining Protest from the ARB
C - alternate appeal methods in lieu of an appeal to the ARB
D - the rights to filing late applications - answerB - the right to appeal the Order of
Determining Protest from the ARB
How are ARB members compensated? - answerBy the appraisal district
How may an ARB member be removed? - answerOnly by a majority vote of the
appraisal district board of directors
The ARB has the authority to:
A - subpoena witnesses, records and financial documents of a business
B - terminate the employment of the chief appraiser
C - select the person who will represent the district at a hearing
D - set tax rates for taxing entities within the county they serve - answerA - subpoena
witnesses, records and financial documents of a business
What standards are required to be used by appraisal districts to estimate market value?
- answerUSPAP (Uniform Standards of Professional Appraisal Practices
After the ARB has heard evidence from the protesting party and appraisal district they
shall determine the protest and... - answerNotify the taxpayer of their decision by written
order (NOD)
,Equal and uniform taxation is mandated by - answerThe Texas Constitution and the
Texas Property Tax Code
According to the Texas Property Tax Code, a tax bill mailed after January 10, has a
delinquency date of - answerthe first day of the next month, providing at least 21 days to
pay
Types of business personal property - answerTangible or intangible
(Furniture and fixtures, machinery and equipment, computers, supplies, inventory, good
will, etc. also acceptable)
A taxpayer may:
A - designate powers to more than one agent for a single item listed on the AOA
B - designate a general power to more than one agent
C - designate a member of the ARB to represent his/her property
D - designate an agent to receive only communications from the chief appraiser, the
ARB and represent them in property tax matters - answerD - designate an agent to
receive only communications from the chief appraiser, the ARB and represent them in
property tax matters
An acre contains how many square feet? - answer43, 560 sq. ft.
Representation of a property owner is governed by what section of the Texas Property
Tax Code? - answerSection 1.111
An easement is.... - answeran interest in real property that transfers use but not
ownership of the property
An analysis of real property includes:
A - the type of building construction to be placed on vacant land
B - research of estimate of life expectancy of existing improvements
C - highest and best use
D - the possible zoning of the property - answerC - highest and best use
An important component of the income approach is: - answerThe capitalization rate
(cap rate)
What are the steps used in the cost approach? - answer
The sales comparison approach is best supported by... - answerseveral sales of similar
properties in the same neighborhood or market area
, A method of land surveying that describes a parcel of land is... - answermetes and
bounds
What do you consider when estimating the value of the land? - answerThe size and
shape of the land
An improvement which works and is useful is said to have... - answerfunctional utility
Market value less total development costs equal - answerprofit (or loss)
Income less operating expenses equals - answerNOI or net operating income
A flaw in construction, materials or design is known as - answerfunctional obsolescence
Ex parte communication between ARB members and the appraisal district is... -
answerprohibited
All real and tangible personal property is
A - taxable based on the percentage of use in this state
B - taxable unless exempt by law
C - taxable if occupied on January 1
D - considered exempted unless determined to be taxable by the chief appraiser -
answerB - taxable unless exempt by law
Incoming producing tangible personal property and mineral interests having a value less
than _____ is exempt. - answer$500
Property is taxable by a taxing unit if - answerlocated within their jurisdiction on January
1
By application, the owner of inventory may request an alternate assessment date of... -
answerSeptember 1 instead of January 1
All property is taxable unless exempted by... - answerFederal law, the Texas
Constitution or the Texas Property Tax Code
Freeport exemption allows for inventory temporarily located in Texas for less than
_____ days to be exempt. - answer175
To be eligible for 1-d-1 (Open Space) use valuation, land must be... - answerdevoted
primarily to agricultural use
To qualify for an exemption on a single family residence
A - an annual application must be filed
Guide - Texas
The Texas Property Tax Code, Section 41, provides for Local Review which:
A - lists the reasons for taxpayer appeals
B - lists the types of exemptions available to the taxpayer
C - lists the different types of taxable property
D - lists the qualifications to serve on an appraisal review board - answerA - lists the
reasons for taxpayer appeals
Property value may be estimated using what approaches: - answerSales comparison,
income capitalization and cost approaches
The Texas Property Tax Code, Section 42, provides for Judicial Review including:
A - the rights of disabled veterans
B - the right to appeal the Order of Determining Protest from the ARB
C - alternate appeal methods in lieu of an appeal to the ARB
D - the rights to filing late applications - answerB - the right to appeal the Order of
Determining Protest from the ARB
How are ARB members compensated? - answerBy the appraisal district
How may an ARB member be removed? - answerOnly by a majority vote of the
appraisal district board of directors
The ARB has the authority to:
A - subpoena witnesses, records and financial documents of a business
B - terminate the employment of the chief appraiser
C - select the person who will represent the district at a hearing
D - set tax rates for taxing entities within the county they serve - answerA - subpoena
witnesses, records and financial documents of a business
What standards are required to be used by appraisal districts to estimate market value?
- answerUSPAP (Uniform Standards of Professional Appraisal Practices
After the ARB has heard evidence from the protesting party and appraisal district they
shall determine the protest and... - answerNotify the taxpayer of their decision by written
order (NOD)
,Equal and uniform taxation is mandated by - answerThe Texas Constitution and the
Texas Property Tax Code
According to the Texas Property Tax Code, a tax bill mailed after January 10, has a
delinquency date of - answerthe first day of the next month, providing at least 21 days to
pay
Types of business personal property - answerTangible or intangible
(Furniture and fixtures, machinery and equipment, computers, supplies, inventory, good
will, etc. also acceptable)
A taxpayer may:
A - designate powers to more than one agent for a single item listed on the AOA
B - designate a general power to more than one agent
C - designate a member of the ARB to represent his/her property
D - designate an agent to receive only communications from the chief appraiser, the
ARB and represent them in property tax matters - answerD - designate an agent to
receive only communications from the chief appraiser, the ARB and represent them in
property tax matters
An acre contains how many square feet? - answer43, 560 sq. ft.
Representation of a property owner is governed by what section of the Texas Property
Tax Code? - answerSection 1.111
An easement is.... - answeran interest in real property that transfers use but not
ownership of the property
An analysis of real property includes:
A - the type of building construction to be placed on vacant land
B - research of estimate of life expectancy of existing improvements
C - highest and best use
D - the possible zoning of the property - answerC - highest and best use
An important component of the income approach is: - answerThe capitalization rate
(cap rate)
What are the steps used in the cost approach? - answer
The sales comparison approach is best supported by... - answerseveral sales of similar
properties in the same neighborhood or market area
, A method of land surveying that describes a parcel of land is... - answermetes and
bounds
What do you consider when estimating the value of the land? - answerThe size and
shape of the land
An improvement which works and is useful is said to have... - answerfunctional utility
Market value less total development costs equal - answerprofit (or loss)
Income less operating expenses equals - answerNOI or net operating income
A flaw in construction, materials or design is known as - answerfunctional obsolescence
Ex parte communication between ARB members and the appraisal district is... -
answerprohibited
All real and tangible personal property is
A - taxable based on the percentage of use in this state
B - taxable unless exempt by law
C - taxable if occupied on January 1
D - considered exempted unless determined to be taxable by the chief appraiser -
answerB - taxable unless exempt by law
Incoming producing tangible personal property and mineral interests having a value less
than _____ is exempt. - answer$500
Property is taxable by a taxing unit if - answerlocated within their jurisdiction on January
1
By application, the owner of inventory may request an alternate assessment date of... -
answerSeptember 1 instead of January 1
All property is taxable unless exempted by... - answerFederal law, the Texas
Constitution or the Texas Property Tax Code
Freeport exemption allows for inventory temporarily located in Texas for less than
_____ days to be exempt. - answer175
To be eligible for 1-d-1 (Open Space) use valuation, land must be... - answerdevoted
primarily to agricultural use
To qualify for an exemption on a single family residence
A - an annual application must be filed
