TEXAS PROPERTY TAX CONSULTANT EXAM
- TERMS
1.functional obsolescence:
A flaw in construction, materials or design is known as
2.(Income Producing) Personal Property:
Property not permanently attached to real estate and other assets such
as inventories, furniture, and machinery
3.Capitalization Rate:
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.
4.Net Operating Income - NOI:
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.
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12
, 5.special use property:
property that is taxed on 100% of market value less any exemptions
except
6.Escheat:
Ownership passed to state if there are no heirs
7.Principle of Balance:
Holds that value is created and maintained in proportion to balance in
the four factors in production.
8.Ad Valorem:
Taxed according to value
9.For omitted BPP, how many years may a chief appraiser go back and add
to the appraisal roll:
2 proceeding years
10.An acre of land contains:
43,560 square feet
2/
12
- TERMS
1.functional obsolescence:
A flaw in construction, materials or design is known as
2.(Income Producing) Personal Property:
Property not permanently attached to real estate and other assets such
as inventories, furniture, and machinery
3.Capitalization Rate:
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.
4.Net Operating Income - NOI:
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.
1/
12
, 5.special use property:
property that is taxed on 100% of market value less any exemptions
except
6.Escheat:
Ownership passed to state if there are no heirs
7.Principle of Balance:
Holds that value is created and maintained in proportion to balance in
the four factors in production.
8.Ad Valorem:
Taxed according to value
9.For omitted BPP, how many years may a chief appraiser go back and add
to the appraisal roll:
2 proceeding years
10.An acre of land contains:
43,560 square feet
2/
12
