Texas Property Tax

Question 1

A compulsory contribution legally exacted from persons

Answer 1

Tax

Question 2

A reduction in the local taxes levied on a property for a specific period of time.

Answer 2

Tax Abatement

Question 3

The unit of value to which the tax rate is applied to determine the tax due.

Answer 3

Tax Base

Question 4

Listing of important dates and deadlines in completing the annual property tax appraisal, equalization, assessment, and collection phase.

Answer 4

Tax Calendar

Question 5

In property taxation is the total revenue that will be realized by a tax, not the mileage rate.

Answer 5

Tax Levy

Question 6

A lien that is automatically attached to property in the amount of its unpaid property taxes

Answer 6

Tax Lien

Question 7

The factor used to calculate the total tax for the property.

Answer 7

Tax Rate

Question 8

A receipt showing the taxable value and amount of tax imposed by the unit of the property in one or more tax years.

Answer 8

Tax Receipt

Question 9

A listing of all parcels of property within a taxing unit submitted from the appraisal district to the assessor/collector.

Answer 9

Tax Roll

Question 10

The calendar year beginning on January 1 of each year.

Answer 10

Tax Year

Question 11

The market, or appraised value, less any applicable exemptions.

Answer 11

Taxable Value

Question 12

The right of government to raise revenue through assessments on valuable good, products, and rights.

Answer 12

Taxation

Question 13

-A county, an incorporated city or town, a school district, a special district, or any other political unit of this state authorized to ad valorem taxes on property.

Answer 13

Taxing Unit

Question 14

A concept embodied in the Texas Constitution that requires local taxing units to make taxpayers aware of tax rate proposals and to afford taxpayers the opportunity to roll back or limit tax increases. (Chapter 26).

Answer 14

Truth in Taxation

Question 15

Unauthorized Practice of Law. (Chapter 1152)

Answer 15

UPL

Question 16

A fiduciary relationship in which one party, the agent, act as a representative of other.

Answer 16

Agency

Question 17

Form provided by the State Controller’s Office that stablishes the powers deleted to the agent

Answer 17

Appointment of Agent

Question 18

Details of a specific parcel of property being appraised by the appraisal district that includes ownership, property description, applicable exemptions, market value, and jurisdictions

Answer 18

Appraisal Record

Question 19

A listing of appraisal records, as change by order of the ARB

Answer 19

Appraisal Roll

Question 20

Date on which a filling or payment incur penalty and/or interest

Answer 20

Delinquency Date

Question 21

Reduction to property tax due for early payment

Answer 21

Discounts

Question 22

A person in a position of trust, responsibility, and confidence for another

Answer 22

Fiduciary

Question 23

Owned by one or more individuals, at least one of whom claims the property as the individual’s homestead

Answer 23

Heir Property (Real Property)

Question 24

Abuilding, structure, fixture, or fence erected on or affixed to land; a transportable structure that is design to be occupied for residential or business purposes

Answer 24

Improvement

Question 25

A notice must be sent certified mail on:

Answer 25

Denial or modification of an exemption

Question 26

A taxing unity must elect to allow for split payments, with equal payments due before

Answer 26

December 1 and July 1

Question 27

If an appraisal district agrees to keep taxpayer information confidential what section of the Texas Property Tax Code deals with confidential information not open for public inspection?

Answer 27

Section 22.27

Question 28

An arm's length transaction could also be defined as a

Answer 28

Market value transaction

Question 29

Positive equity income is called

Answer 29

Dividends

Question 30

The most accurate way to appraise a property's fee simple market value is to use

Answer 30

Current market rental rates

Question 31

What is going concerns?

Answer 31

The incremental value associated with intangibles of a business concerns

Question 32

What is the best way to value land?

Answer 32

Recent comparable sales

Question 33

A property subject to a triple net lease requires

Answer 33

The tenant to pays utilities, property taxes, insurance and property maintenance

Question 34

The Chief Appraiser is entailed to appeal an ARB order determining protest except

Answer 34

If approved by each taxing unit with jurisdiction to tax the specific property

Question 35

A delinquent tax incurs a penalty of

Answer 35

6% for the first calendar month it is delinquent plus 1% for each additional month or portion of a month it remains unpaid.

Question 36

Cost Approach Method

Answer 36

Assumes value of improved property is value of site, plus the cost (New) to construct the improvements less any depreciation. Value = Cost - Depreciation Cost to bring it up new.

Question 37

4 types of Cost estimating techniques

Answer 37

1. Comparative Unit Method 2. Unit in Place Method 3. Quantity Survey Method 4. Cost Index trending

Question 38

Sales Comparison Method for Measuring Depreciation

Answer 38

Good when adequate data available. Must identify comparable properties with same defect as subject and comparable without defect. Difference in selling prices is amt of depreciation

Question 39

Capitalization Method for measuring Depreciation

Answer 39

Similar to Sales Comparison in identifying comparables but for rental properties. Difference in income is capitalized for depreciation

Question 40

URAR (Uniform Residential Appraisal Report)-4 info required

Answer 40

Has section for cost approach information 1.Estimated site value 2.Estimated reproduction costs 3.Total depreciation 4.Value of site improvements

Question 41

Formula to find the Cap Rate

Answer 41

NOI(Net Operating Income)/SP(sales Price)=CR(Capitalization Rate)

Question 42

Formula to find Indicated Value

Answer 42

NOI/CR=IV

Question 43

The TPTC states that an application for agricultural use designation is due

Answer 43

Before May 1 (April 30)

Question 44

Reasons to file a Rendition

Answer 44

If it is a Personal Property (PP) and have expenses it needs to be filed

Question 45

How many days you have to filed an extension for a rendition

Answer 45

30 Days

Question 46

When to protest?

Answer 46

May 15th or 30 days to protest from the date of notice value

Question 47

What to report on Freeport Application an when?

Answer 47

Report only touching inventory and is due April 30th as well as Allocation

Question 48

Reasons to appeal 25.25(d)

Answer 48

It has to be more than the third overmarket value.

Question 49

What is the Arbitration time frame?

Answer 49

60 Days

Question 50

Homestead

Answer 50

You only apply ones and don't need to apply anymore

Question 51

Refund Tax Money (Overpay money)

Answer 51

Need to be sent to the owner as certify check

Question 52

Appraisal Boundaries

Answer 52

Is the same as County Boundaries