TEXAS PROPERTY TAX CONSULTANT EXAM QUESTIONS
AND ANSWERS
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
1
,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
2
, 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
3
AND ANSWERS
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
1
,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
2
, 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
3
