APPRAISER I & II EXAM QUESTIONS AND ANSWERS GRADED A+

APPRAISER I & II EXAM QUESTIONS AND ANSWERS GRADED A+ Calculation for millage rate Budget/Digest - the budget divided by the net assessment of the property in the county. Ad valorem "according to value" based on the value of the property What are the three approaches to value? Cost, Market, Income To meet the standards of compliance the median ration must be between ____ and ____. .36 - .44 What are the 3 types of depreciation? Functional, physical, economic Assessed value / .40 = Fair Market Value What is the formula for calculating a tax bill? Assessed value x Millage rate What are the 2 classes of property in Georgia? Tangible & intangible Tangible Intangible What is the level of assessment for property taxes in Georgia? 40% Fair Market Value Amount a knowledgeable buyer would pay and a willing seller would accept. Arms length transaction In good faith, non family, non affiliated What is the date of valuation of property for property taxes in Georgia? January 1st The transaction amount of the most __________ arm's length, bona fide sale in any year shall be the _____________ allowable FMV for the next taxable year. Recent, Maximum All property shall be returned for taxation at its ___________, except as otherwise provided. FMV The time period for filing property taxes is ________ to ________. Jan. 1 - April 1 List the 8 criteria that the tax assessor shall apply when determining the FMV. Zoning Use Covenants Sales Depreciation Restrictions Income Other - provided by law In order to qualify for preferential assessment, an individual property owner must ____________________________________________. Be a natural or naturalized citizen. What is the maximum amount of acreage that a property owner can enter into an FLPA covenant(s)? no max The death of a property owner that had property in a conservation use covenant Is a breach without penalty What is the penalty for a breach of conservation use due to the sale to a non-qualified owner? double the cumulative difference in property taxes plus interest. If a property is under conservation use assessment, buildings used for storing or processing agricultural products are ______________________________________________________. included in the conservation use value The conservation use values furnished to each county by the DOR are limited to what percent change in value? 3% What are the four qualification requirements for members of the BOE? What are 5 matters/issues that the BOE can hear? Taxability, Uniformity, Value, Denials of HS, Denials of covenants, Breach of covenants A hearing officer may hear appeals for which issues? Value and uniformity Who is responsible for furnishing the BOE with secretarial help? The appeal administrator shall furnish the county board of equalization necessary facilities and secretarial and clerical help. The annual notice of assessment shall be mailed to taxpayers by which date? July 1 Initially, how many days does a BOA have to make its determination and notify the taxpayer after receipt of the taxpayer's notice of appeal if the taxpayer has selected the Board of Equalization to hear the appeal? 180 days Who is responsible for selecting Hearing Officers for a property tax appeal? Appeal Administrator or Taxpayer and Board of Assessors The term length of a member of the Board of Equalization is how many years? 3 Years If a real property value is set by a decision of an appeal hearing, the BOA cannot change that value, unless certain conditions are met, for the next ___ years. 2 An Arbitrator may hear appeals for which issue(s)? value Who shall be responsible for the fees and costs of the arbitrator for a tax appeal taken to arbitration? The party whose value is farthest away from the fair market value determined by the arbitrator. Who appoints members of the BOA? Commisioners At which meeting of the year should the BOA elect a chairman? 1st A person must obtain at least an appraiser ___ to hold the position of chief appraiser. 3 The counties of this state have been divided into classes for determining the minimum staff requirements for each county BOA office. What is the measurement to determine a county's classification? amount of parcels The secretary to the Board of Assessors shall be a member of ________. the appraisal staff Who must approve a county's tax digest before it can be used for the collection of taxes? the (Revenue)commissioner Can an appraiser on the appraisal staff also serve as a Board of Assessor member? Yes, if population is less than 100,000. What is the date each year that the county BOA shall complete the revision and assessment of the returns of the tax payers in its respective county? July 15th An assessor shall be appointed by the county governing authority for a term of.... not less than three nor more than six years. The ______________ ratio measures