Property Tax Consultation Review Exam Questions: Appraisal Appeal Flashcards Preview

Texas Property Tax Code > Property Tax Consultation Review Exam Questions: Appraisal Appeal > Flashcards

Flashcards in Property Tax Consultation Review Exam Questions: Appraisal Appeal Deck (19)
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1

Property Value may be estimated using

Sales comparision, Income capitalization and cost approach

2

When valuing land it is necessary to consider the

Size and shape of the land

3

Market value less total applicable exemptions equals

Taxable Value

4

A flaw in construction, materials or design is known as

Functional Obsolescence

5

Uniform Standard of Professional Appraisal Practices (USPAP)

Are required to be used by appraisal districts when estimating market value

6

An acre of land contains

43,560 square feet

7

The concept of rights of property ownership is known as

The bundle of rights

8

An easement is an interest in real property that

Transfer use, but not ownership of the property

9

When valuing a single family residence for property tax puposes, the chief appraiser must consider

Like properties in the same nieghborhood

10

The income capitalizatino approach

Analyzes a property's capacity to generate future benefits and capitalizes the income into the present value

11

Discounting is a general term used to

Describe the process of converting future cash flows into a present value

12

Value in exchange defines

The amount of cash the property is most likely to bring

13

A determination of protest

Reflects the decision of an appeal heard by the ARB

14

Responsibilities of the appraisal district include

Appraising property for tax purposes and notifying taxpayers of the value

15

A hearing before the ARB may be delayed if

The property owner OR his agent shows good cause for the postponement

16

When representing a property owner, an agent should include in his/her duties

A review of the data used by the appraisal district to value his clients property

17

An appraisal of property for tax purposes does NOT include

The ARB's opinion of value

18

Two economic principles that affect the value of real estate are

Conformity and Contribution

19

The value remaining after exemptions are applied to the market value is referred to as

Assessed or Taxable Value