Texas Property Tax Consultant Exam 2 Questions and already passed Answers Latest 2024 Update
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...
,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 - ANSWER
he establishes that the property is subject to the appraisal by another district or
that the property is not taxable in this state.
A
Delivery of Notice: A notice permitted to be delivered by first-class mail is
presumed delivered
VI
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
TU
d) according to the time stamp on the mail - ANSWER it is deposited in the
mail.
Property - ANSWER any matter or thing capable of private ownership
IS
Real Property - ANSWER land, an improvement, a mine or quarry, a mineral
in place, standing timber, or an estate or interest
M
Improvement - ANSWER a building, structure, fixture, or fence erected on or
O
affixed to land
Personal Property - ANSWER Property that is not real property
A
Tangible Personal Property - ANSWER personal property that can be seen,
N
weighed, measured, felt, or otherwise perceive by the senses
JP
Intangible Personal Property - ANSWER claim, interest, right. Includes stock,
bond, note or account receivable, franchise, license or permit, contract, and
goodwill
Market Value - 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 - ANSWER value determined as provided by Chapter 23 of
the Texas Property Tax Code
A
Assessed Value - ANSWER amount determined by multiplying the appraised
VI
value by the applicable assessment ratio
Taxable Value - ANSWER the amount determined by deducting from
TU
assessed value the amount of any applicable partial exemption
Tax Year - ANSWER Calendar Year
IS
Assessor - ANSWER Officer or employee responsible for assessing property
taxes
M
Collector - ANSWER Officer or employee responsible for collecting property
taxes for a taxing unit
O
Examples of tangible personal property, or business personal property, include...
- ANSWER equipment, furniture, computers, and inventory.
A
CASH IS NOT TANGIBLE PERSONAL PROPERTY
N
By ______(date)_______ or as soon thereafter as practicable, the chief
JP
appraiser shall prepare appraisal records listing all property that is taxable in the
district and stating the appraised value of each. - 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 _____________________. - ANSWER comparable sales, subject
property
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