SENIOR PROPERTY TAX CONSULTANT STUDY

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SENIOR PROPERTY TAX CONSULTANT STUDY

GUIDE – TEXAS UPDATED ACTUAL

EXAM WITH CORRECT 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

• 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 1 / 4

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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

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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

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 3 / 4

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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

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