Texas Property Tax Consultant EXAM
NEWEST 2025 COMPLETE
QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED
A+||BRAND NEW!!
Cost of annual Renewal fee - Answer- $75
Functional obsolescence - Answer- A flaw in construction, materials or design is known
as
(Income Producing) Personal Property - Answer- Property not permanently attached to
real estate and other assets such as inventories, furniture, and machinery
Capitalization Rate - Answer- The capitalization rate is the rate of return on a real estate
investment property based on the income that the property is expected to generate.
Net Operating Income - NOI - Answer- Net operating income equals all revenue from
the property minus all reasonably necessary operating expenses. Aside from rent, a
property might also generate revenue from parking and service fees, like vending and
laundry machines.
What is covered in Chapter 41 - Answer- Local Review & Appeal through binding
arbitration
What is covered in Chapter 42 - Answer- Judicial Review
special use property - Answer- property that is taxed on 100% of market value less any
exemptions except
Renditions must be filed by - Answer- April 15
Date that determines taxable status of property - Answer- January 1
Date Property Taxes become delinquent - Answer- Feb 1
Deadline to request Binding arbitration - Answer- 45 days from receipt of Notice of Final
Order (notice from ARB hearing)
, The valuation of inventory is defined in which section of the Texas Property Tax Code -
Answer- Section 23.12
25.25(c) corrects what kind of error - Answer- clerical error
25.25(d) corrects what kind of error - Answer- egregious error (1/3rd too high)
Escheat - Answer- Ownership passed to state if there are no heirs
Types of ownership interests - Answer- Individual, Corporations, Partnership, Tenants in
Common, Join Tenants
Substitution - Answer- A prudent buyer wouldn't pay more for real estate than the cost
of acquiring an equally desirable substitute
Principle of Balance - Answer- Holds that value is created and maintained in proportion
to balance in the four factors in production.
Physical Incurable - Answer- The cost of the cure is estimated to be greater than the
value resulting from the cure
Function Curable - Answer- Outdated or unacceptable component. Cost to replace is at
least offset by the anticipated increase in utility or value resulting from replacement.
Functional Incurable - Answer- results from structural deficiency or inadequacies. Cost
of affecting a cure would be greater than the anticipated increase in utility, resulting from
the replacement, addition or removal.
When valuing land it is necessary to consider - Answer- the size and shape of the land
Market value less total applicable exemptions equals - Answer- taxable/assessed value
Ad Valorem - Answer- Taxed according to value
Inventory may be exempted from property taxation if it qualifies for - Answer- Freeport
exemption
What is the time limit on the Freeport Exemption - Answer- 175 days
For omitted BPP, how many years may a chief appraiser go back and add to the
appraisal roll - Answer- 2 proceeding years
If real property with an AG exemption is sold or no longer used for AG how many years
may a chief appraiser go back and add to the appraisal roll - Answer- 5 years
NEWEST 2025 COMPLETE
QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED
A+||BRAND NEW!!
Cost of annual Renewal fee - Answer- $75
Functional obsolescence - Answer- A flaw in construction, materials or design is known
as
(Income Producing) Personal Property - Answer- Property not permanently attached to
real estate and other assets such as inventories, furniture, and machinery
Capitalization Rate - Answer- The capitalization rate is the rate of return on a real estate
investment property based on the income that the property is expected to generate.
Net Operating Income - NOI - Answer- Net operating income equals all revenue from
the property minus all reasonably necessary operating expenses. Aside from rent, a
property might also generate revenue from parking and service fees, like vending and
laundry machines.
What is covered in Chapter 41 - Answer- Local Review & Appeal through binding
arbitration
What is covered in Chapter 42 - Answer- Judicial Review
special use property - Answer- property that is taxed on 100% of market value less any
exemptions except
Renditions must be filed by - Answer- April 15
Date that determines taxable status of property - Answer- January 1
Date Property Taxes become delinquent - Answer- Feb 1
Deadline to request Binding arbitration - Answer- 45 days from receipt of Notice of Final
Order (notice from ARB hearing)
, The valuation of inventory is defined in which section of the Texas Property Tax Code -
Answer- Section 23.12
25.25(c) corrects what kind of error - Answer- clerical error
25.25(d) corrects what kind of error - Answer- egregious error (1/3rd too high)
Escheat - Answer- Ownership passed to state if there are no heirs
Types of ownership interests - Answer- Individual, Corporations, Partnership, Tenants in
Common, Join Tenants
Substitution - Answer- A prudent buyer wouldn't pay more for real estate than the cost
of acquiring an equally desirable substitute
Principle of Balance - Answer- Holds that value is created and maintained in proportion
to balance in the four factors in production.
Physical Incurable - Answer- The cost of the cure is estimated to be greater than the
value resulting from the cure
Function Curable - Answer- Outdated or unacceptable component. Cost to replace is at
least offset by the anticipated increase in utility or value resulting from replacement.
Functional Incurable - Answer- results from structural deficiency or inadequacies. Cost
of affecting a cure would be greater than the anticipated increase in utility, resulting from
the replacement, addition or removal.
When valuing land it is necessary to consider - Answer- the size and shape of the land
Market value less total applicable exemptions equals - Answer- taxable/assessed value
Ad Valorem - Answer- Taxed according to value
Inventory may be exempted from property taxation if it qualifies for - Answer- Freeport
exemption
What is the time limit on the Freeport Exemption - Answer- 175 days
For omitted BPP, how many years may a chief appraiser go back and add to the
appraisal roll - Answer- 2 proceeding years
If real property with an AG exemption is sold or no longer used for AG how many years
may a chief appraiser go back and add to the appraisal roll - Answer- 5 years
