Texas Property Tax Consultant
Market Value - ✔️✔️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
Local Review: A property owner who files a protest under Section 41.411 must pay the
amount of taxes due on the portion of the taxable value of the property subject to the
protest that is not in dispute before the delinquency date or the property owner.... -
✔️✔️forfeits the right to proceed to a final determination of the protest.
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. - ✔️✔️24 months aka 2 years
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 - ✔️✔️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 - ✔️✔️it is deposited in the mail.
Property - ✔️✔️any matter or thing capable of private ownership
Real Property - ✔️✔️land, an improvement, a mine or quarry, a mineral in place,
standing timber, or an estate or interest
,Improvement - ✔️✔️a building, structure, fixture, or fence erected on or affixed to land
Personal Property - ✔️✔️Property that is not real property
Tangible Personal Property - ✔️✔️personal property that can be seen, weighed,
measured, felt, or otherwise perceive by the senses
Intangible Personal Property - ✔️✔️claim, interest, right. Includes stock, bond, note or
account receivable, franchise, license or permit, contract, and goodwill
Appraised Value - ✔️✔️value determined as provided by Chapter 23 of the Texas
Property Tax Code
Assessed Value - ✔️✔️amount determined by multiplying the appraised value by the
applicable assessment ratio
Taxable Value - ✔️✔️the amount determined by deducting from assessed value the
amount of any applicable partial exemption
Tax Year - ✔️✔️Calendar Year
Assessor - ✔️✔️Officer or employee responsible for assessing property taxes
Collector - ✔️✔️Officer or employee responsible for collecting property taxes for a
taxing unit
Examples of tangible personal property, or business personal property, include... -
✔️✔️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. - ✔️✔️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
_____________________. - ✔️✔️comparable sales, subject property
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... - ✔️✔️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)___. - ✔️✔️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 _______________________________________. -
✔️✔️Uniform Standards of Professional Appraisal Practice
If using the Cost Method of Appraisal, the chief appraiser shall use cost data obtained
from _______________________. - ✔️✔️generally accepted sources
If using the Cost Method of Appraisal, the chief appraiser shall make any appropriate
adjustment for ___________________________. - ✔️✔️Physical, functional, or
economic obsolescence
If using the Cost Method of Appraisal, the chief appraiser shall clearly state the reason
for any variation between generally accepted cost data and locally produced cost data if
the data vary by more than _______________ percent - ✔️✔️10%
If using the Income Method of Appraisal, the chief appraiser shall analyze comparable
rental data available to the chief appraiser or to the potential earnings capacity of the
property, or both, to estimate the _______________________________ of the property.
- ✔️✔️Gross Income Potential
Rendition statements and property reports must be delivered to the chief appraiser after
___(date)___ and not later than ___(date)___. On written request by the property
owner, the chief appraiser shall extend a deadline for filing a rendition statement or
property report to ___(date)___. - ✔️✔️January 1, April 15, May 15
The chief appraiser or his authorized representative may enter the premises of
business, trade, or profession and inspect the property to determine the existence and
market value of _________________ used for the production of income and having
taxable situs in the district. - ✔️✔️tangible personal property
An inspection of property must be... - ✔️✔️during normal business hours or at a time
mutually agreeable to the chief appraiser or his representative and the person in control
of the premises.
The appraisal districts boundaries are the same as the... - ✔️✔️county's boundaries
