Texas Property Tax Consultant
A protest against the inclusion of property on the appraisal records for an appraisal
district on the ground that the property does not have taxable situs in that district shall
be determined in favor of the protesting party if - answer he establishes that the
property is subject to the appraisal by another district or that the property is not taxable
in this state.
Delivery of Notice: A notice permitted to be delivered by first-class mail is presumed
delivered
a) 5 days after it is deposited in the mail
b) 5 business days after it is deposited in the mail
c) when it is deposited in the mail
d) according to the time stamp on the mail - answerit is deposited in the mail.
Property - answerany matter or thing capable of private ownership
Real Property - answerland, an improvement, a mine or quarry, a mineral in place,
standing timber, or an estate or interest
Improvement - answera building, structure, fixture, or fence erected on or affixed to land
Personal Property - answerProperty that is not real property
Tangible Personal Property - answerpersonal property that can be seen, weighed,
measured, felt, or otherwise perceive by the senses
Intangible Personal Property - answerclaim, interest, right. Includes stock, bond, note or
account receivable, franchise, license or permit, contract, and goodwill
Market Value - answerThe price at which a property would transfer for cash or its
equivalent under prevailing market conditions if:
-exposed for sale in the open market with a reasonable time for the seller to find a
purchaser
-both the seller and purchaser know of all the uses and purposes to which the property
is adapted and for which it is capable of being used and of the enforceable restrictions
on its use
-both seller and purchaser seek to maximize their gains and neither is in a position to
take advantage of the exigencies of the other
Appraised Value - answervalue determined as provided by Chapter 23 of the Texas
Property Tax Code
,Assessed Value - answeramount determined by multiplying the appraised value by the
applicable assessment ratio
Taxable Value - answerthe amount determined by deducting from assessed value the
amount of any applicable partial exemption
Tax Year - answerCalendar Year
Assessor - answerOfficer or employee responsible for assessing property taxes
Collector - answerOfficer or employee responsible for collecting property taxes for a
taxing unit
Examples of tangible personal property, or business personal property, include... -
answerequipment, furniture, computers, and inventory.
CASH IS NOT TANGIBLE PERSONAL PROPERTY
By ______(date)_______ or as soon thereafter as practicable, the chief appraiser shall
prepare appraisal records listing all property that is taxable in the district and stating the
appraised value of each. - answerMay 15
If using the market data comparison method of appraisal, the chief appraiser shall use
comparable sales data and shall adjust the ___________________ to the
_____________________. - answercomparable sales, subject property
If using the market data comparison method of appraisal, the sale is not considered to
be a comparable sale unless the sale occurred within _______________(months/years)
of the date as of which the market value of the subject property is to be determined,
except that a sale that did not occur during that period may be considered to be a
comparable sale if enough comparable properties were not sold during that period to
constitute a representative sample. - answer24 months aka 2 years
If using the market data comparison method of appraisal, whether a property is
comparable to the subject property shall be determined based on similarities with regard
to... - answerlocation, square footage of the lot and improvements, property age,
property condition, property access, amenities, views, income, operating expenses,
occupancy, and the existence of easements, deed restrictions, or other legal burdens
affecting marketability.
All taxable property is appraised at its market value as of ___(date)___. -
answerJanuary 1
The market value of property shall be determined by the application of generally
accepted appraisal methods and techniques. If the appraisal district determines the
appraised value of proper using mass appraisal standards, the mass appraisal
, standards must comply with the _______________________________________. -
answerUniform Standards of Professional Appraisal Practice
If using the Cost Method of Appraisal, the chief appraiser shall use cost data obtained
from _______________________. - answergenerally accepted sources
If using the Cost Method of Appraisal, the chief appraiser shall make any appropriate
adjustment for ___________________________. - answerPhysical, functional, or
economic obsolescence
If using the Cost Method of Appraisal, the chief appraiser shall clearly state the reason
for any variation between generally accepted cost data and locally produced cost data if
the data vary by more than _______________ percent - answer10%
If using the Income Method of Appraisal, the chief appraiser shall analyze comparable
rental data available to the chief appraiser or to the potential earnings capacity of the
property, or both, to estimate the _______________________________ of the property.
- answerGross Income Potential
Rendition statements and property reports must be delivered to the chief appraiser after
___(date)___ and not later than ___(date)___. On written request by the property
owner, the chief appraiser shall extend a deadline for filing a rendition statement or
property report to ___(date)___. - answerJanuary 1, April 15, May 15
The chief appraiser or his authorized representative may enter the premises of
business, trade, or profession and inspect the property to determine the existence and
market value of _________________ used for the production of income and having
taxable situs in the district. - answertangible personal property
An inspection of property must be... - answerduring normal business hours or at a time
mutually agreeable to the chief appraiser or his representative and the person in control
of the premises.
The appraisal districts boundaries are the same as the... - answercounty's boundaries
an adult is entitled to exemption from taxation by a school district of ________$$
$________ - answer$25,000
If real property is appraised by a method that takes into account the value of furniture,
fixtures, and equipment in or on the real property, the furniture, fixtures, and equipment
shall.... - answernot be subject to additional appraisal or taxation as personal property
On _____(date)_____ of each year, a tax lien attaches to property to secure the
payment of all taxes, penalties, and interest ultimately imposed for the year on the
property, whether or not the taxes are imposed in the year the lien attaches. The lien
exists in favor of each taxing unit having power to tax the property. - answerJanuary 1
A protest against the inclusion of property on the appraisal records for an appraisal
district on the ground that the property does not have taxable situs in that district shall
be determined in favor of the protesting party if - answer he establishes that the
property is subject to the appraisal by another district or that the property is not taxable
in this state.
Delivery of Notice: A notice permitted to be delivered by first-class mail is presumed
delivered
a) 5 days after it is deposited in the mail
b) 5 business days after it is deposited in the mail
c) when it is deposited in the mail
d) according to the time stamp on the mail - answerit is deposited in the mail.
Property - answerany matter or thing capable of private ownership
Real Property - answerland, an improvement, a mine or quarry, a mineral in place,
standing timber, or an estate or interest
Improvement - answera building, structure, fixture, or fence erected on or affixed to land
Personal Property - answerProperty that is not real property
Tangible Personal Property - answerpersonal property that can be seen, weighed,
measured, felt, or otherwise perceive by the senses
Intangible Personal Property - answerclaim, interest, right. Includes stock, bond, note or
account receivable, franchise, license or permit, contract, and goodwill
Market Value - answerThe price at which a property would transfer for cash or its
equivalent under prevailing market conditions if:
-exposed for sale in the open market with a reasonable time for the seller to find a
purchaser
-both the seller and purchaser know of all the uses and purposes to which the property
is adapted and for which it is capable of being used and of the enforceable restrictions
on its use
-both seller and purchaser seek to maximize their gains and neither is in a position to
take advantage of the exigencies of the other
Appraised Value - answervalue determined as provided by Chapter 23 of the Texas
Property Tax Code
,Assessed Value - answeramount determined by multiplying the appraised value by the
applicable assessment ratio
Taxable Value - answerthe amount determined by deducting from assessed value the
amount of any applicable partial exemption
Tax Year - answerCalendar Year
Assessor - answerOfficer or employee responsible for assessing property taxes
Collector - answerOfficer or employee responsible for collecting property taxes for a
taxing unit
Examples of tangible personal property, or business personal property, include... -
answerequipment, furniture, computers, and inventory.
CASH IS NOT TANGIBLE PERSONAL PROPERTY
By ______(date)_______ or as soon thereafter as practicable, the chief appraiser shall
prepare appraisal records listing all property that is taxable in the district and stating the
appraised value of each. - answerMay 15
If using the market data comparison method of appraisal, the chief appraiser shall use
comparable sales data and shall adjust the ___________________ to the
_____________________. - answercomparable sales, subject property
If using the market data comparison method of appraisal, the sale is not considered to
be a comparable sale unless the sale occurred within _______________(months/years)
of the date as of which the market value of the subject property is to be determined,
except that a sale that did not occur during that period may be considered to be a
comparable sale if enough comparable properties were not sold during that period to
constitute a representative sample. - answer24 months aka 2 years
If using the market data comparison method of appraisal, whether a property is
comparable to the subject property shall be determined based on similarities with regard
to... - answerlocation, square footage of the lot and improvements, property age,
property condition, property access, amenities, views, income, operating expenses,
occupancy, and the existence of easements, deed restrictions, or other legal burdens
affecting marketability.
All taxable property is appraised at its market value as of ___(date)___. -
answerJanuary 1
The market value of property shall be determined by the application of generally
accepted appraisal methods and techniques. If the appraisal district determines the
appraised value of proper using mass appraisal standards, the mass appraisal
, standards must comply with the _______________________________________. -
answerUniform Standards of Professional Appraisal Practice
If using the Cost Method of Appraisal, the chief appraiser shall use cost data obtained
from _______________________. - answergenerally accepted sources
If using the Cost Method of Appraisal, the chief appraiser shall make any appropriate
adjustment for ___________________________. - answerPhysical, functional, or
economic obsolescence
If using the Cost Method of Appraisal, the chief appraiser shall clearly state the reason
for any variation between generally accepted cost data and locally produced cost data if
the data vary by more than _______________ percent - answer10%
If using the Income Method of Appraisal, the chief appraiser shall analyze comparable
rental data available to the chief appraiser or to the potential earnings capacity of the
property, or both, to estimate the _______________________________ of the property.
- answerGross Income Potential
Rendition statements and property reports must be delivered to the chief appraiser after
___(date)___ and not later than ___(date)___. On written request by the property
owner, the chief appraiser shall extend a deadline for filing a rendition statement or
property report to ___(date)___. - answerJanuary 1, April 15, May 15
The chief appraiser or his authorized representative may enter the premises of
business, trade, or profession and inspect the property to determine the existence and
market value of _________________ used for the production of income and having
taxable situs in the district. - answertangible personal property
An inspection of property must be... - answerduring normal business hours or at a time
mutually agreeable to the chief appraiser or his representative and the person in control
of the premises.
The appraisal districts boundaries are the same as the... - answercounty's boundaries
an adult is entitled to exemption from taxation by a school district of ________$$
$________ - answer$25,000
If real property is appraised by a method that takes into account the value of furniture,
fixtures, and equipment in or on the real property, the furniture, fixtures, and equipment
shall.... - answernot be subject to additional appraisal or taxation as personal property
On _____(date)_____ of each year, a tax lien attaches to property to secure the
payment of all taxes, penalties, and interest ultimately imposed for the year on the
property, whether or not the taxes are imposed in the year the lien attaches. The lien
exists in favor of each taxing unit having power to tax the property. - answerJanuary 1
