1 Texas Property Tax Consultant Exam/ Real Exam Questions with Correct Verified Answers/ Updated 2024
What does TDLR stand for and what do they do? - ANS - Texas Department of Licensing and Regulations Licensing Education Professional Exams Enforcement
state agency that governs the licensing of many trades and professions in Texas
What happens in the appraisal phase of the property tax calendar? - ANS - Appraisal district collects info to appraise properties as of January 1.Administer exemptions update property records apply for exemptions, renditions, abatements Discovery, listing, estimating values
What happens in the equalization phase of the property tax calendar? - ANS - appraisal roll is submitted to the ARB taxpayers file protests informal and formal appeal process begins ARB approves and certify the appraisal roll
What happens in the assessment phase of the property tax calendar? - ANS - taxing entities receive certified appraisal rolls local jurisdictions adopt budgets 1 / 4
2 tax rates are adopted tax statements are mailed out some taxpayers dispute ARB rulings
What happens in the current collection phase of the property tax calendar? - ANS - taxes are collected by local jurisdictions
How does the chief appraiser appeal ARB decision? - ANS - He must get a written document with all the appraisal district board of directors’ signatures approval
Who provides the learning material for ARB members? - ANS - Comptroller
Who pays the ARB members? - ANS - Appraisal District
What are the levels of trade? - ANS - 1. Primary producer
- Manufacturer
- Wholesaler
- Retailer
How would you argue investment value in ARB for a recently sold hotel? (investment value typically > market value) - ANS - Buyer is willing to pay a premium because they believe that the value will go up in future years, however market value is as of January 1 of the current tax year. So, the value should not be based off that sale price because it was an investment, but not reflective of the current market value, or based off the previous year.
25.25D what fraction of the corrected value will result in a reduction? What about the percentage of the original value? - ANS - 1/3 of the corrected value 25% of the original value
Where is the Texas Property Tax Code located? - ANS - The Texas Constitution, Article 8
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3 What is SOAH and what is the benefit? - ANS - SOAH - State Office of Administrative Hearing Appeals Property value must be over $1,000,000 Filing deposit fee is $1,500.SOAH is like litigation but without the discovery.
What are the four phases and dates of property tax calendar? - ANS - 1. January - May: Appraisal Phase
2. May - June: Equalization Phase
3. July - September: Assessment Phase
4. October - January: Current Collection Phase
When is the valuation of property? - ANS - January 1
Late Homestead Application deadline? Max number of years late? - ANS - January 31 up to two years late
What are special appraisals? - ANS - Ag use and Timberland use Dealers inventory mineral interest not being produced oil and gas interests
Models used for valuation - ANS - Sales comparable approach cost approach income approach
Appraised Value - ANS - Market value, or market value minus homestead or special use property valuation
When do notices go out? - ANS - April 1st
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4 When is BPP Rendition deadline? - ANS - April 15th
When are exemptions and special appraisals due? - ANS - April 30th
When is the last day chief appraiser can send out notices? - ANS - May 1st
When is the protest deadline? - ANS - May 15 th
What does ARB stand for and what is their role? - ANS - Appraisal Review Board A board of local citizens that hears disagreements between taxpayers and the appraisal district about property taxability and value
What is the breakdown of tax revenue for Texas? - ANS - Property Tax: 45.2%
Sales & Gross Receipts Taxes: 44.3%
Other Taxes: 10.5%
What do taxes fund? - ANS - public schools, city streets, county roads, police departments, fire protection, etc.
When does the ARB need to approve the appraisal records? (at least attempt) - ANS - July 20th
When is the Certification of Roll Value by Chief Appraiser to taxing units due? - ANS - July 25th
When is the last day to apply for Sept 1 alternative assessment date for inventory appraisal? - ANS - July 31
What two days can inventory appraisal have as an assessment date? - ANS - January 1 or September 1 if you apply
What is the alternate appraisal date for inventory? - ANS - September 1
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