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Comprehensive Review of the Texas Property Tax Consultant Exam
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Comprehensive Review of the Texas Property Tax ConsultantExam
The Texas Property tax code, section 41, provides for local review which - correct
answer ✔ lists the reasons for taxpayer appeals
Property value may be estimated by using - correct answer ✔ sales comparison,
income capitalization, and cost approach
the Texas property tax code, section 42, provides for judicial review including -
correct answer ✔ the right to appeal the order determining protest from the ARB
appraisal review board (ARB) members are compensated by - correct answer ✔
the appraisal district
once a person is appointed to the ARB - correct answer ✔ may be removed only
by a majority vote of the appraisal districts board of directors
the ARB has the authority to - correct answer ✔ subpoena witnesses, records and
financial documents of a business
uniform standard of professional appraisal practices (USPAP) - correct answer ✔
are required to be used by appraisal districts when estimating market value
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
equal and uniform taxation is mandated by - correct answer ✔ the Texas
constitution and the Texas property tax code
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
business personal property - correct answer ✔ may be tangible or intangible
a taxpayer may - correct answer ✔ designate an agent to receive only
communications from the chief appraiser, the ARB and represent them in
property tax matters
an acre of land contains - correct answer ✔ 43,560 square feet
representation of a property owner is governed by what section of the Texas
Property tax code - correct answer ✔ section 1.111
an easement is an interest in real property that - correct answer ✔ transfers use,
but not ownership, of the property
an analysis of real property includes - correct answer ✔ highest and best use of
the property
, Comprehensive Review of the Texas Property Tax Consultant
Exam
an important component of the income approach is - correct answer ✔ the
capitalization rate
a step in the cost approach would include - correct answer ✔ a separate
valuation of the land, as if vacant
the sales comparison approach is best supported by - correct answer ✔ several
sales of similar properties in the same neighborhood or market area
a method of land surveying that describes a parcel of land is - correct answer ✔
metes and bounds
when estimating the value of land, it is necessary to consider - 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
less)
income less operating expenses equals - correct answer ✔ net operating income
a flaw in construction, materials, or design is known as - correct answer ✔
functional obsolescence
if the net operating income is $35,100 and the sales price is $368,500, the
rounded capitalization rate would be - correct answer ✔ .0953
NOI/SP=CR
if the net operating income is $85,000 and the capitalization rate is .0825, the
indicated value would be - correct answer ✔ $1,030,300
NOI/IV=CR
Ex parte communication between ARB members and the appraisal district -
correct answer ✔ is prohibited
all real and tangible personal property is - correct answer ✔ taxable unless
exempted by law
income producing tangible personal property and mineral interests - correct
answer ✔ having a value of less than $500 is exempt
property is taxable by a taxing unit - correct answer ✔ if 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
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