Texas Property Tax Consultant UPDATED
ACTUAL Questions and CORRECT
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 - CORRECT 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 - CORRECT ANSWER - it is deposited in the
mail.
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, or an estate or interest
Improvement - CORRECT ANSWER - a building, structure, fixture, or fence erected on
or affixed to land
Personal Property - CORRECT ANSWER - Property that is not real property
Tangible Personal Property - CORRECT ANSWER - personal property that can be seen,
weighed, measured, felt, or otherwise perceive by the senses
,Intangible Personal Property - CORRECT ANSWER - claim, interest, right. Includes
stock, bond, note or account receivable, franchise, license or permit, contract, and goodwill
Market Value - CORRECT 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 - CORRECT ANSWER - value determined as provided by Chapter 23 of
the Texas Property Tax Code
Assessed Value - CORRECT ANSWER - 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
Tax Year - CORRECT ANSWER - Calendar Year
Assessor - CORRECT ANSWER - Officer or employee responsible for assessing property
taxes
Collector - CORRECT ANSWER - Officer or employee responsible for collecting
property taxes for a taxing unit
Examples of tangible personal property, or business personal property, include... - CORRECT
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. - CORRECT 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
_____________________. - CORRECT 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. - CORRECT
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... - CORRECT
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)___. - CORRECT
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
_______________________________________. - CORRECT ANSWER - Uniform
Standards of Professional Appraisal Practice
If using the Cost Method of Appraisal, the chief appraiser shall use cost data obtained from
_______________________. - CORRECT ANSWER - generally accepted sources
ACTUAL Questions and CORRECT
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 - CORRECT 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 - CORRECT ANSWER - it is deposited in the
mail.
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, or an estate or interest
Improvement - CORRECT ANSWER - a building, structure, fixture, or fence erected on
or affixed to land
Personal Property - CORRECT ANSWER - Property that is not real property
Tangible Personal Property - CORRECT ANSWER - personal property that can be seen,
weighed, measured, felt, or otherwise perceive by the senses
,Intangible Personal Property - CORRECT ANSWER - claim, interest, right. Includes
stock, bond, note or account receivable, franchise, license or permit, contract, and goodwill
Market Value - CORRECT 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 - CORRECT ANSWER - value determined as provided by Chapter 23 of
the Texas Property Tax Code
Assessed Value - CORRECT ANSWER - 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
Tax Year - CORRECT ANSWER - Calendar Year
Assessor - CORRECT ANSWER - Officer or employee responsible for assessing property
taxes
Collector - CORRECT ANSWER - Officer or employee responsible for collecting
property taxes for a taxing unit
Examples of tangible personal property, or business personal property, include... - CORRECT
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. - CORRECT 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
_____________________. - CORRECT 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. - CORRECT
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... - CORRECT
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)___. - CORRECT
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
_______________________________________. - CORRECT ANSWER - Uniform
Standards of Professional Appraisal Practice
If using the Cost Method of Appraisal, the chief appraiser shall use cost data obtained from
_______________________. - CORRECT ANSWER - generally accepted sources
