Texas Property Tax Consultant Exam - Terms well Defined and explained
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Course
Texas Property Tax Consultant
Institution
Texas Property Tax Consultant
Texas Property Tax Consultant Exam - Terms well Defined and explained
functional obsolescence - ANSWER A flaw in construction, materials or design is known as
(Income Producing) Personal Property - ANSWER Property not permanently attached to real estate and other assets such as in...
, functional obsolescence - ANSWER A flaw in construction, materials or
design is known as
(Income Producing) Personal Property - ANSWER Property not permanently
attached to real estate and other assets such as inventories, furniture, and
machinery
A
Capitalization Rate - ANSWER The capitalization rate is the rate of return on
VI
a real estate investment property based on the income that the property is
expected to generate.
TU
Net Operating Income - NOI - ANSWER 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.
IS
special use property - ANSWER property that is taxed on 100% of market
value less any exemptions except
M
Escheat - ANSWER Ownership passed to state if there are no heirs
O
Principle of Balance - ANSWER Holds that value is created and maintained
in proportion to balance in the four factors in production.
A
Ad Valorem - ANSWER Taxed according to value
N
For omitted BPP, how many years may a chief appraiser go back and add to the
JP
appraisal roll - ANSWER 2 proceeding years
An acre of land contains - ANSWER 43,560 square feet
Legal Description - ANSWER Used to describe the physical location of real
property, may be metes and bounds, surveys, or lot and block
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