Texas Property Tax Consultant Exam Questions and Answers Newest | Already Graded A+

Texas Property Tax Consultant Exam Questions and Answers Newest | Already Graded A+ 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 - Answer- it is deposited in the mail. Property - Answer- any matter or thing capable of private ownership Real Property - Answer- land, an improvement, a mine or quarry, a mineral in place, standing timber, or an estate or interest Improvement - Answer- a building, structure, fixture, or fence erected on or affixed to land Personal Property - Answer- Property that is not real property Tangible Personal Property - Answer- personal property that can be seen, weighed, measured, felt, or otherwise perceive by the senses Intangible Personal Property - Answer- claim, interest, right. Includes stock, bond, note or account receivable, franchise, license or permit, contract, and goodwill Market Value - Answer- The 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 - Answer- value determined as provided by Chapter 23 of the Texas Property Tax Code Assessed Value - Answer- amount determined by multiplying the appraised value by the applicable assessment ratio Taxable Value - Answer- the amount determined by deducting from assessed value the amount of any applicable partial exemption Tax Year - Answer- Calendar Year Assessor - Answer- Officer or employee responsible for assessing property taxes Collector - Answer- Officer or employee responsible for collecting property taxes for a taxing unit Examples of tangible personal property, or business personal property, include... - Answer- equipment, 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. - Answer- May 15 If using the market data comparison method of appraisal, the chief appraiser shall use comparable sales data and shall adjust the ___________________ to the _____________________. - Answer- comparable 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. - Answer- 24 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... - Answer- location, 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)___. - Answer- January 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 _______________________________________. - Answer- Uniform Standards of Professional Appraisal Practice If using the Cost Method of Appraisal, the chief appraiser shall use cost data obtained from _______________________. - Answer- generally accepted sources If using the Cost Method of Appraisal, the chief appraiser shall make any appropriate adjustment for ___________________________. - Answer- Physical, 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 - Answer- 10% 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. - Answer- Gross 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)___. - Answer- January 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. - Answer- tangible personal property An inspection of property must be... - Answer- during 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... - Answer- county'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.... - Answer- not 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. - Answer- January 1 Chapter 41 of the Texas Property Tax Code - Answer- Local Review A property owner is entitled to appeal through binding arbitration if the appraised market value of the property as determined by the order is $____________ or less. - Answer- 5 million Local Review: Request for Arbitration: To appeal an appraisal review board order, a property owner must file with the appraisal district no later than the ______________________ day after the date of the property owner receives notice of the order. - Answer- 45th On ___(date)___ of each year, a tax lien attaches to property to secure the payment of all taxes, penalties, and interest ultimately inposed for the year on the property. - Answer- January 1 Local Review: A property owner who files a protest under Section 41.411 must pay the amount of taxes due on the portion of the taxable value of the property subject to the protest that is not in dispute before the delinquency date or the property owner.... - Answer- forfeits the right to proceed to a final determination of the protest.