Texas Property Tax Consultant (Revised) WITH
COMPLETE SOLUTIONS GRADED A+.
Income capitalization approach definition >>100%correctanswer>> Analyzes the
property's capacity to generate future income to indicate the present value. This method
of estimating market value is generally used on property that is leased.
Effective gross income (EGI) definition >>100%correctanswer>> The anticipated net
income from all operation of the real property adjusted for vacancy and collection
losses. (DOESN'T INCLUDE EXPENSES)
Net operating income (NOI) definition >>100%correctanswer>> The actual or
anticipated net income remaining after all operating expenses are deducted from the
effective gross income. (AFTER EXPENSES ARE DEDUCTED)
The valuation of inventory is defined in which section of the Texas Property Tax Code
>>100%correctanswer>> Section 23.12
25.25(c) corrects what kind of error >>100%correctanswer>> clerical error
25.25(d) corrects what kind of error >>100%correctanswer>> egregious error (1/3rd
too high)
Escheat >>100%correctanswer>> Ownership passed to state if there are no heirs
Cost of annual Renewal fee >>100%correctanswer>> $75
Types of ownership interests >>100%correctanswer>> Individual, Corporations,
Partnership, Tenants in Common, Join Tenants
Substitution >>100%correctanswer>> A prudent buyer wouldn't pay more for real
estate than the cost of acquiring an equally desirable substitute
Principle of Balance >>100%correctanswer>> Holds that value is created and
maintained in proportion to balance in the four factors in production.
Physical Incurable >>100%correctanswer>> The cost of the cure is estimated to be
greater than the value resulting from the cure
, Function Curable >>100%correctanswer>> Outdated or unacceptable component.
Cost to replace is at least offset by the anticipated increase in utility or value resulting
from replacement.
functional obsolescence >>100%correctanswer>> A flaw in construction, materials
or design is known as
(Income Producing) Personal Property >>100%correctanswer>> Property not
permanently attached to real estate and other assets such as inventories, furniture, and
machinery
Capitalization Rate >>100%correctanswer>> 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 >>100%correctanswer>> 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 >>100%correctanswer>> Local Review & Appeal
through binding arbitration
What is covered in Chapter 42 >>100%correctanswer>> Judicial Review
special use property >>100%correctanswer>> property that is taxed on 100% of
market value less any exemptions except
Renditions must be filed by >>100%correctanswer>> April 15
Date that determines taxable status of property >>100%correctanswer>> January 1
Date Property Taxes become delinquent >>100%correctanswer>> Feb 1
Deadline to request Binding arbitration >>100%correctanswer>> 45 days from
receipt of Notice of Final Order (notice from ARB hearing)
Functional Incurable >>100%correctanswer>> 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 >>100%correctanswer>> the size and
shape of the land
COMPLETE SOLUTIONS GRADED A+.
Income capitalization approach definition >>100%correctanswer>> Analyzes the
property's capacity to generate future income to indicate the present value. This method
of estimating market value is generally used on property that is leased.
Effective gross income (EGI) definition >>100%correctanswer>> The anticipated net
income from all operation of the real property adjusted for vacancy and collection
losses. (DOESN'T INCLUDE EXPENSES)
Net operating income (NOI) definition >>100%correctanswer>> The actual or
anticipated net income remaining after all operating expenses are deducted from the
effective gross income. (AFTER EXPENSES ARE DEDUCTED)
The valuation of inventory is defined in which section of the Texas Property Tax Code
>>100%correctanswer>> Section 23.12
25.25(c) corrects what kind of error >>100%correctanswer>> clerical error
25.25(d) corrects what kind of error >>100%correctanswer>> egregious error (1/3rd
too high)
Escheat >>100%correctanswer>> Ownership passed to state if there are no heirs
Cost of annual Renewal fee >>100%correctanswer>> $75
Types of ownership interests >>100%correctanswer>> Individual, Corporations,
Partnership, Tenants in Common, Join Tenants
Substitution >>100%correctanswer>> A prudent buyer wouldn't pay more for real
estate than the cost of acquiring an equally desirable substitute
Principle of Balance >>100%correctanswer>> Holds that value is created and
maintained in proportion to balance in the four factors in production.
Physical Incurable >>100%correctanswer>> The cost of the cure is estimated to be
greater than the value resulting from the cure
, Function Curable >>100%correctanswer>> Outdated or unacceptable component.
Cost to replace is at least offset by the anticipated increase in utility or value resulting
from replacement.
functional obsolescence >>100%correctanswer>> A flaw in construction, materials
or design is known as
(Income Producing) Personal Property >>100%correctanswer>> Property not
permanently attached to real estate and other assets such as inventories, furniture, and
machinery
Capitalization Rate >>100%correctanswer>> 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 >>100%correctanswer>> 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 >>100%correctanswer>> Local Review & Appeal
through binding arbitration
What is covered in Chapter 42 >>100%correctanswer>> Judicial Review
special use property >>100%correctanswer>> property that is taxed on 100% of
market value less any exemptions except
Renditions must be filed by >>100%correctanswer>> April 15
Date that determines taxable status of property >>100%correctanswer>> January 1
Date Property Taxes become delinquent >>100%correctanswer>> Feb 1
Deadline to request Binding arbitration >>100%correctanswer>> 45 days from
receipt of Notice of Final Order (notice from ARB hearing)
Functional Incurable >>100%correctanswer>> 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 >>100%correctanswer>> the size and
shape of the land
