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Appraiser Course 1 > Appraiser Course 1 > Flashcards

Appraiser Course 1 Flashcards

1
Q

What are the two types of property in Georgia

A

Tangible & Intangible

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2
Q

What is the level of assessment for property taxes in Georgia?

A

40%

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3
Q

Define “Fair Market Value”

A

Knowledge buyer with willing Seller that will accept at an arm’s length bona fide sale.

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4
Q

Define “Arm’s Length, bona fide sale” .

A

Sale that’s in good faith & unrelated or unaffiliated of willing buyer and knowledgeable seller.

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5
Q

What is the date of valuation of property for property taxes in Georgia?

A

Jan 1st

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6
Q

Who is responsible for filing a property tax return?

A

The property owner

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7
Q

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?

A

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?

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8
Q

All property shall be returned for taxation at its ________ value, except as otherwise provided in this chapter.

A

All property shall be returned for taxation at its FAIR MARKET value, except as otherwise provided in this chapter.

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9
Q

The time period for filing a property tax return begins on ____ and ends on ____ of each year

A

Jan 1st & April 1st

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10
Q

Who appoints members to the BOA?

A

County Governing Authority

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11
Q

At which meeting of the year should the BOA elect a chairman?

A

First meeting

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12
Q

A person must obtain at least an Appraiser ___ designation to hold the position of Chief Appraiser?

A

An Appraiser 3

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13
Q

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?

A

Number of parcels a county has.

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14
Q

True or False: The secretary of the BOA must be a member of the appraiser staff.

A

TRUE

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15
Q

Who must approve a county’s tax digest before it can be used for the collection of taxes?

A

Revenue Commissioners

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16
Q

Can an appraiser on the appraisal staff also serve as a member of the BOA?

A

Sure, but only in small counties.

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17
Q

What is the date each year the county BOA shall complete the revision & assessment of the returns of taxpayers in its respective county?

A

July 15

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18
Q

Define “reasonable notice”?

A

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.

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19
Q

An assessor shall be appointed by the county governing authority for a term of?

A

Not less than 3 years, but not more than 6.

20
Q

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

A

c. be a resident of the county

21
Q

What is the maximum amount of acreage that property owner can enter into FLPA covenant(s)?

A

unlimited

22
Q

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.

A

False.

23
Q

What is the penalty for a breach of conservation use due to the sale to a nonqualified owner?

A

twice the difference total amount & total paid to current assessment.

24
Q

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.

A

True.

25
Q

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

a. 3%

26
Q

What are the four qualification requirements for members of the BOE?

A
  1. Serve grand jury
  2. HS or GED
  3. Owns Property
  4. 40hrs training
27
Q

What are the five matters/issues that the BOE can hear?

A
  • Value
  • Uniformity
  • Taxability
  • Exemption Denial
  • covenant denials/breach*
28
Q

A Hearing Officer may hear appeals for issues?

A
  • Value

- Uniformity

29
Q

Who is responsible for furnishing the BOE with secretarial help?

A

Appeal Administrator

30
Q

The annual notice of assessment shall be mailed to taxpayer by which date?

A

July 1st

31
Q

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?

A

180 days

32
Q

Who is responsible for selecting the Hearing Officer for a property tax appeal?

A

Appeal administrator or BOA if they agree on someone.

33
Q

What is the length of a term a member of the BOE is how many years?

A

3 years.

34
Q

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.

A

2 years.

35
Q

An Arbitrator may hear appeals for which issue(s)?

A

-Value

36
Q

Assessed Value x Millage Rate =

A

Tax bill

37
Q

Fair Market Value x .40 =

A

Assessed Value

38
Q

An acceptable range for the COD when measuring the uniformity of Residential property is 0 to ___?

A

0 to .15 or 15%

39
Q

The _______ measures the level of assessment for a homogeneous group of property.

A

Median

40
Q

What are the 3 approaches to value?

A
  • Market
  • Cost
  • Income
41
Q

The range for an acceptable median ratio of a sales ratio study is _____ to _____

A

.36 to .44

42
Q

What are the 3 types of depreciation?

A
  • Physical
  • Functional
  • Economic
43
Q

The PRD or Price Related Differential, measures ___________ within a group properties.

A

Assessment bias

44
Q

Assessed Value / .40 =

A

FMV - Fair Market Value

45
Q

The millage rate can be calculate by dividing the _______ by the _______

A

Budget/Digest

Appraiser Course 1 (1 decks)

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