Senior Property Tax Consultant Study
Guide – Texas With Complete
Solutions.
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 Answer- A - lists the
reasons for taxpayer appeals
Property value may be estimated using what approaches: 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 Answer- B - the right to appeal the Order of
Determining Protest from the ARB
How are ARB members compensated? Answer- By the appraisal district
How may an ARB member be removed? 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 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? 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... Answer- Notify the taxpayer of their decision
by written order (NOD)
,Equal and uniform taxation is mandated by 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 Answer- the first day of the next month, providing at least 21
days to pay
Types of business personal property 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 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? Answer- 43, 560 sq. ft.
Representation of a property owner is governed by what section of the Texas
Property Tax Code? Answer- Section 1.111
An easement is.... 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 Answer- C - highest and best use
An important component of the income approach is: Answer- The capitalization rate
(cap rate)
What are the steps used in the cost approach? Answer-
The sales comparison approach is best supported by... 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... Answer- metes and
bounds
What do you consider when estimating the value of the land? Answer- The size and
shape of the land
, An improvement which works and is useful is said to have... Answer- functional
utility
Market value less total development costs equal Answer- profit (or loss)
Income less operating expenses equals Answer- NOI or net operating income
A flaw in construction, materials or design is known as Answer- functional
obsolescence
Ex parte communication between ARB members and the appraisal district is...
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
Answer- B - taxable unless exempt by law
Incoming producing tangible personal property and mineral interests having a value
less than _____ is exempt. Answer- $500
Property is taxable by a taxing unit if Answer- located within their jurisdiction on
January 1
By application, the owner of inventory may request an alternate assessment date
of... Answer- September 1 instead of January 1
All property is taxable unless exempted by... 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. Answer- 175
To be eligible for 1-d-1 (Open Space) use valuation, land must be... Answer-
devoted primarily to agricultural use
To qualify for an exemption on a single family residence
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 Answer- B - the
property must be owner occupied
Market value for tax purposes are determined by which organization? Answer- the
county appraisal district in which the property is located
Guide – Texas With Complete
Solutions.
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 Answer- A - lists the
reasons for taxpayer appeals
Property value may be estimated using what approaches: 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 Answer- B - the right to appeal the Order of
Determining Protest from the ARB
How are ARB members compensated? Answer- By the appraisal district
How may an ARB member be removed? 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 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? 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... Answer- Notify the taxpayer of their decision
by written order (NOD)
,Equal and uniform taxation is mandated by 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 Answer- the first day of the next month, providing at least 21
days to pay
Types of business personal property 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 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? Answer- 43, 560 sq. ft.
Representation of a property owner is governed by what section of the Texas
Property Tax Code? Answer- Section 1.111
An easement is.... 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 Answer- C - highest and best use
An important component of the income approach is: Answer- The capitalization rate
(cap rate)
What are the steps used in the cost approach? Answer-
The sales comparison approach is best supported by... 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... Answer- metes and
bounds
What do you consider when estimating the value of the land? Answer- The size and
shape of the land
, An improvement which works and is useful is said to have... Answer- functional
utility
Market value less total development costs equal Answer- profit (or loss)
Income less operating expenses equals Answer- NOI or net operating income
A flaw in construction, materials or design is known as Answer- functional
obsolescence
Ex parte communication between ARB members and the appraisal district is...
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
Answer- B - taxable unless exempt by law
Incoming producing tangible personal property and mineral interests having a value
less than _____ is exempt. Answer- $500
Property is taxable by a taxing unit if Answer- located within their jurisdiction on
January 1
By application, the owner of inventory may request an alternate assessment date
of... Answer- September 1 instead of January 1
All property is taxable unless exempted by... 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. Answer- 175
To be eligible for 1-d-1 (Open Space) use valuation, land must be... Answer-
devoted primarily to agricultural use
To qualify for an exemption on a single family residence
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 Answer- B - the
property must be owner occupied
Market value for tax purposes are determined by which organization? Answer- the
county appraisal district in which the property is located
