Texas Property Tax Consultant exam questions with answers

Texas Property Tax Consultant exam
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questions with answers |\ |\




A protest against the inclusion of property on the
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appraisal records for an appraisal district on the ground
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that the property does not have taxable situs in that
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district shall be determined in favor of the protesting
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party if - CORRECT ANSWERS ✔✔he establishes that the
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property is subject to the appraisal by another district or
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that the property is not taxable in this state.
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Delivery of Notice: A notice permitted to be delivered by
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first-class mail is presumed delivered |\ |\ |\ |\




a) 5 days after it is deposited in the mail
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b) 5 business days after it is deposited in the mail
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c) when it is deposited in the mail
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d) according to the time stamp on the mail - CORRECT
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ANSWERS ✔✔it is deposited in the mail. |\ |\ |\ |\ |\ |\




Property - CORRECT ANSWERS ✔✔any matter or thing
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capable of private ownership
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,Real Property - CORRECT ANSWERS ✔✔land, an
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improvement, a mine or quarry, a mineral in place, |\ |\ |\ |\ |\ |\ |\ |\ |\



standing timber, or an estate or interest
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Improvement - CORRECT ANSWERS ✔✔a building, |\ |\ |\ |\ |\ |\



structure, fixture, or fence erected on or affixed to land
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Personal Property - CORRECT ANSWERS ✔✔Property that
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is not real property
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Tangible Personal Property - CORRECT ANSWERS
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✔✔personal property that can be seen, weighed, |\ |\ |\ |\ |\ |\ |\



measured, felt, or otherwise perceive by the senses|\ |\ |\ |\ |\ |\ |\




Intangible Personal Property - CORRECT ANSWERS
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✔✔claim, interest, right. Includes stock, bond, note or
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account receivable, franchise, license or permit, contract,
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and goodwill
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Market Value - CORRECT ANSWERS ✔✔The price at which
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a property would transfer for cash or its equivalent under
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prevailing market conditions if: |\ |\ |\




-exposed for sale in the open market with a reasonable
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time for the seller to find a purchaser
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,-both the seller and purchaser know of all the uses and
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purposes to which the property is adapted and for which
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it is capable of being used and of the enforceable
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restrictions on its use |\ |\ |\




-both seller and purchaser seek to maximize their gains
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and neither is in a position to take advantage of the
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exigencies of the other |\ |\ |\




Appraised Value - CORRECT ANSWERS ✔✔value |\ |\ |\ |\ |\ |\



determined as provided by Chapter 23 of the Texas |\ |\ |\ |\ |\ |\ |\ |\ |\



Property Tax Code |\ |\




Assessed Value - CORRECT ANSWERS ✔✔amount
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determined by multiplying the appraised value by the |\ |\ |\ |\ |\ |\ |\ |\



applicable assessment ratio |\ |\




Taxable Value - CORRECT ANSWERS ✔✔the amount
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determined by deducting from assessed value the |\ |\ |\ |\ |\ |\ |\



amount of any applicable partial exemption
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Tax Year - CORRECT ANSWERS ✔✔Calendar Year
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Assessor - CORRECT ANSWERS ✔✔Officer or employee
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responsible for assessing property taxes |\ |\ |\ |\

, Collector - CORRECT ANSWERS ✔✔Officer or employee
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responsible for collecting property taxes for a taxing unit |\ |\ |\ |\ |\ |\ |\ |\




Examples of tangible personal property, or business|\ |\ |\ |\ |\ |\ |\



personal property, include... - CORRECT ANSWERS
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✔✔equipment, furniture, computers, and inventory. |\ |\ |\ |\




CASH IS NOT TANGIBLE PERSONAL PROPERTY
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By ______(date)_______ or as soon thereafter as
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practicable, the chief appraiser shall prepare appraisal |\ |\ |\ |\ |\ |\ |\



records listing all property that is taxable in the district
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and stating the appraised value of each. - CORRECT
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ANSWERS ✔✔May 15 |\ |\




If using the market data comparison method of appraisal,
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the chief appraiser shall use comparable sales data and
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shall adjust the ___________________ to the
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_____________________. - CORRECT ANSWERS |\ |\ |\ |\



✔✔comparable sales, subject property |\ |\ |\




If using the market data comparison method of appraisal,
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the sale is not considered to be a comparable sale unless
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the sale occurred within _______________(months/years) of
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the date as of which the market value of the subject
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property is to be determined, except that a sale that did
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