Appraiser Course 1 Flashcards
What are the two types of property in Georgia
Tangible & Intangible
What is the level of assessment for property taxes in Georgia?
40%
Define “Fair Market Value”
Knowledge buyer with willing Seller that will accept at an arm’s length bona fide sale.
Define “Arm’s Length, bona fide sale” .
Sale that’s in good faith & unrelated or unaffiliated of willing buyer and knowledgeable seller.
What is the date of valuation of property for property taxes in Georgia?
Jan 1st
Who is responsible for filing a property tax return?
The property owner
The transaction amount of the _______ arm’s length, bona fide sale in any year shall be the ______ allowable fair market value for the next taxable year?
The transaction amount of the MOST RECENT arm’s length, bona fide sale in any year shall be the MAXIUM allowable fair market value for the next taxable year?
All property shall be returned for taxation at its ________ value, except as otherwise provided in this chapter.
All property shall be returned for taxation at its FAIR MARKET value, except as otherwise provided in this chapter.
The time period for filing a property tax return begins on ____ and ends on ____ of each year
Jan 1st & April 1st
Who appoints members to the BOA?
County Governing Authority
At which meeting of the year should the BOA elect a chairman?
First meeting
A person must obtain at least an Appraiser ___ designation to hold the position of Chief Appraiser?
An Appraiser 3
The counties of this state have been divided into classes for determining the minimum staff requirements for each county BOA office. What is the measurement to determine a county’s classification?
Number of parcels a county has.
True or False: The secretary of the BOA must be a member of the appraiser staff.
TRUE
Who must approve a county’s tax digest before it can be used for the collection of taxes?
Revenue Commissioners
Can an appraiser on the appraisal staff also serve as a member of the BOA?
Sure, but only in small counties.
What is the date each year the county BOA shall complete the revision & assessment of the returns of taxpayers in its respective county?
July 15
Define “reasonable notice”?
a notice regarding the purpose of which such person entering the property; newspaper ad, website, local access channel, posting signs, radio ads, phone calls, notice by mail, and permits.
An assessor shall be appointed by the county governing authority for a term of?
Not less than 3 years, but not more than 6.
In order to qualify for preferential assessment, an individual property owner must______.
a. Make 80% of his/her income from farming
b. Be a resident of the county
c. Be a natural or naturalized citizen
d. all of the above
c. be a resident of the county
What is the maximum amount of acreage that property owner can enter into FLPA covenant(s)?
unlimited
True or False: The death of a property owner that had property in a conservation use covenants is a breach of the covenant with penalty.
False.
What is the penalty for a breach of conservation use due to the sale to a nonqualified owner?
twice the difference total amount & total paid to current assessment.
True or False: If a property under conservation use assessment, buildings used for storing or processing agricultural products are included in the conservation use value.
True.
The conservation use values furnished to each county by the DOR are limited what percent change in value?
a. 3%
b. 5%
c. 10%
d. no limit to amount of increase or decrease in value
a. 3%
What are the four qualification requirements for members of the BOE?
- Serve grand jury
- HS or GED
- Owns Property
- 40hrs training
What are the five matters/issues that the BOE can hear?
- Value
- Uniformity
- Taxability
- Exemption Denial
- covenant denials/breach*
A Hearing Officer may hear appeals for issues?
- Value
- Uniformity
Who is responsible for furnishing the BOE with secretarial help?
Appeal Administrator
The annual notice of assessment shall be mailed to taxpayer by which date?
July 1st
Initially, how many days does a BOA have a make its determination and notify the taxpayer after receipt of the taxpayer’s notice of appeal when the taxpayer selects the BOE to hear appeal?
180 days
Who is responsible for selecting the Hearing Officer for a property tax appeal?
Appeal administrator or BOA if they agree on someone.
What is the length of a term a member of the BOE is how many years?
3 years.
If a property values is set by a decision of the BOE, Hearing Officer, Arbitrator or Superior Court, the BOA cannot change that value unless certain conditions have been met, for the next ___ years.
2 years.
An Arbitrator may hear appeals for which issue(s)?
-Value
Assessed Value x Millage Rate =
Tax bill
Fair Market Value x .40 =
Assessed Value
An acceptable range for the COD when measuring the uniformity of Residential property is 0 to ___?
0 to .15 or 15%
The _______ measures the level of assessment for a homogeneous group of property.
Median
What are the 3 approaches to value?
- Market
- Cost
- Income
The range for an acceptable median ratio of a sales ratio study is _____ to _____
.36 to .44
What are the 3 types of depreciation?
- Physical
- Functional
- Economic
The PRD or Price Related Differential, measures ___________ within a group properties.
Assessment bias
Assessed Value / .40 =
FMV - Fair Market Value
The millage rate can be calculate by dividing the _______ by the _______
Budget/Digest
