Comprehensive Overview of the Senior Property Tax Consultant Study Guide for Texas
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Course
Texas Property Tax Consultant
Institution
Texas Property Tax Consultant
ThIS guide covers the relevant laws, regulations, and best practices for effectively representing clients in property tax matters within the state of Texas
Comprehensive Overview of the Senior Property Tax Consultant
Study Guide for Texas
The Texas Property Tax Code, Section 41, provides for Local Review which:
A - lists the reasons for taxpayer appeals
B - lists the types of exemptions available to the taxpayer
C - lists the different types of taxable property
D - lists the qualifications to serve on an appraisal review board - correct answer
✔ A - lists the reasons for taxpayer appeals
Property value may be estimated using what approaches: - correct answer ✔
Sales comparison, income capitalization and cost approaches
The Texas Property Tax Code, Section 42, provides for Judicial Review including:
A - the rights of disabled veterans
B - the right to appeal the Order of Determining Protest from the ARB
C - alternate appeal methods in lieu of an appeal to the ARB
D - the rights to filing late applications - correct answer ✔ B - the right to appeal
the Order of Determining Protest from the ARB
How are ARB members compensated? - correct answer ✔ By the appraisal
district
How may an ARB member be removed? - correct answer ✔ Only by a majority
vote of the appraisal district board of directors
The ARB has the authority to:
A - subpoena witnesses, records and financial documents of a business
B - terminate the employment of the chief appraiser
C - select the person who will represent the district at a hearing
D - set tax rates for taxing entities within the county they serve - correct answer ✔
A - subpoena witnesses, records and financial documents of a business
What standards are required to be used by appraisal districts to estimate market
value? - correct answer ✔ USPAP (Uniform Standards of Professional Appraisal
Practices
After the ARB has heard evidence from the protesting party and appraisal district
they shall determine the protest and... - correct answer ✔ Notify the taxpayer of
their decision by written order (NOD)
Equal and uniform taxation is mandated by - correct answer ✔ The Texas
Constitution and the Texas Property Tax Code
,Comprehensive Overview of the Senior Property Tax Consultant
Study Guide for Texas
According to the Texas Property Tax Code, a tax bill mailed after January 10, has a
delinquency date of - correct answer ✔ the first day of the next month, providing
at least 21 days to pay
Types of business personal property - correct answer ✔ Tangible or intangible
(Furniture and fixtures, machinery and equipment, computers, supplies,
inventory, good will, etc. also acceptable)
A taxpayer may:
A - designate powers to more than one agent for a single item listed on the AOA
B - designate a general power to more than one agent
C - designate a member of the ARB to represent his/her property
D - designate an agent to receive only communications from the chief appraiser,
the ARB and represent them in property tax matters - correct answer ✔ D -
designate an agent to receive only communications from the chief appraiser, the
ARB and represent them in property tax matters
An acre contains how many square feet? - correct answer ✔ 43, 560 sq. ft.
Representation of a property owner is governed by what section of the Texas
Property Tax Code? - correct answer ✔ Section 1.111
An easement is.... - correct answer ✔ an interest in real property that transfers
use but not ownership of the property
An analysis of real property includes:
A - the type of building construction to be placed on vacant land
B - research of estimate of life expectancy of existing improvements
C - highest and best use
D - the possible zoning of the property - correct answer ✔ C - highest and best
use
An important component of the income approach is: - correct answer ✔ The
capitalization rate (cap rate)
What are the steps used in the cost approach? - correct answer ✔
The sales comparison approach is best supported by... - correct answer ✔ several
sales of similar properties in the same neighborhood or market area
,Comprehensive Overview of the Senior Property Tax Consultant
Study Guide for Texas
A method of land surveying that describes a parcel of land is... - correct answer ✔
metes and bounds
What do you consider when estimating the value of the land? - correct answer ✔
The size and shape of the land
An improvement which works and is useful is said to have... - correct answer ✔
functional utility
Market value less total development costs equal - correct answer ✔ profit (or
loss)
Income less operating expenses equals - correct answer ✔ NOI or net operating
income
A flaw in construction, materials or design is known as - correct answer ✔
functional obsolescence
Ex parte communication between ARB members and the appraisal district is... -
correct answer ✔ prohibited
All real and tangible personal property is
A - taxable based on the percentage of use in this state
B - taxable unless exempt by law
C - taxable if occupied on January 1
D - considered exempted unless determined to be taxable by the chief appraiser -
correct answer ✔ B - taxable unless exempt by law
Incoming producing tangible personal property and mineral interests having a
value less than _____ is exempt. - correct answer ✔ $500
Property is taxable by a taxing unit if - correct answer ✔ located within their
jurisdiction on January 1
By application, the owner of inventory may request an alternate assessment date
of... - correct answer ✔ September 1 instead of January 1
All property is taxable unless exempted by... - correct answer ✔ Federal law, the
Texas Constitution or the Texas Property Tax Code
Freeport exemption allows for inventory temporarily located in Texas for less than
_____ days to be exempt. - correct answer ✔ 175
To be eligible for 1-d-1 (Open Space) use valuation, land must be... - correct
answer ✔ devoted primarily to agricultural use
To qualify for an exemption on a single family residence
, Comprehensive Overview of the Senior Property Tax Consultant
Study Guide for Texas
A - an annual application must be filed
B - the property must be owner occupied
C - the owner must be 65 years of age or older
D - the property must be free and clear of any encumbrances - correct answer ✔
B - the property must be owner occupied
Market value for tax purposes are determined by which organization? - correct
answer ✔ the county appraisal district in which the property is located
The Texas Property Tax Code states that an application for agricultural use
designation is due: - correct answer ✔ April 30th (as all other exemptions are
due)
Business personal property reports (renditions) are due.... - correct answer ✔ on
or before April 15th
The ARB is comprised of:
A - local government officials
B - appraisal district employees
C - citizens appointed by the county tax assessor
D - a panel of citizens appointed to resolve disputes between the appraisal district
and taxpayers - correct answer ✔ D - a panel of citizens appointed to resolve
disputes between the appraisal district and taxpayers
Tangible personal property is generally taxable if - correct answer ✔ it is located
in the taxing unit on January 1 for more than a temporary period
If the chief appraiser or the ARB fails to provide a property owner with a legally
required written notice, the property owner should - correct answer ✔ file an
appeal in accordance with section 41.411 of the Texas Property Tax Code
An Appointment of Agent form provides for an appraisal office, an assessor or
collector to... - correct answer ✔ direct mailings of notices and tax bills to a third
part representative
Section 25.25 Texas Property Tax Code provides remedies for - correct answer ✔
correcting an error in the appraisal record
Section 25.25(h), Texas Property Tax Code, allows for a correction of the appraisal
records if - correct answer ✔ a joint motion is filed by the chief appraiser an the
property owner prior to the tax payment delinquency date
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