Property Tax Consultant Exam Questions and Answers 100% Pass

Property Tax Consultant Exam

Questions and Answers 100%

Pass


Property - CORRECT ANSWER-Any matter or thing capable of private

ownership

Real Property - CORRECT ANSWER--land

-an improvement

-a mine or quarry

-a mineral in place

-standing timber

-subdivision of land by plat

-installation of water, sewer, or drainage line

-paving of undeveloped land

Personal Property - CORRECT ANSWER-property that is not real property

, Tangible Personal Property - CORRECT ANSWER-Personal Property that can be

seen, touched, weighed, measured, felt, or otherwise perceived by the senses

Intangible Personal Property - CORRECT ANSWER-·a claim, interest, right or

other thing that has value but cannot be seen, felt, weighed, measured, or

otherwise perceived by the senses, although it's existence can be evidenced by a

document

Market Value - CORRECT ANSWER-the price at which a property would

transfer for cash or its equivalent under prevailing market conditions if:

· Listed for sale in the open market with "reasonable" time for the seller to find a

purchaser

· Both the seller and the buyer know of all the uses and purposes of the property

and of the enforceable restrictions on its use (square footage, acreage, building

codes, zoning, etc.)

· Both the seller and the buyer seek to maximize their gain and neither is in a

position to take advantage of the exigencies of the other

Exigencies - CORRECT ANSWER-unfortunate circumstances

Assessed Value - CORRECT ANSWER-the amount determined by multiplying

the appraised value by the applicable assessment ratio

Taxable Value - CORRECT ANSWER-the amount determined by deducting from

assessed value the amount of any applicable partial exemption