Property Tax Consultant Review Exam Questions: Fundamentals

Question 1

1. One participant in the administration of property taxation is:

Answer 1

• The Appraisal District

Question 2

2. Property taxes, or Ad Valorem taxes are based on:

Answer 2

• The value of the property

Question 3

3. One phase of the property tax calendar is:

Answer 3

• Appraisal, Equalization, Assessment and Collection:

Question 4

4. Equal and Uniform taxation is cited in:

Answer 4

• Article VIII of the Texas Constitution

Question 5

5. The Cost Approach to value includes the cost to replace the improvement less:

Answer 5

• The value of the land AS WELL AS depreciation

Question 6

6. Forms used by the appraisal district are developed by:

Answer 6

• The Texas State Comptroller, Property Tax Division

Question 7

7. The highest and best use of a property:

Answer 7

• Will produce the highest return on the investment

Question 8

8. Taxable value is defined as:

Answer 8

• Appraised, or market value less exemptions

Question 9

9. All property taxed on 100% of the appraised, or market value less any exemptions except:

Answer 9

• Special Use Property

Question 10

10. Truth in taxation is:

Answer 10

• The direction for taxing units to keep taxpayers informed

Question 11

11. The Texas State Statute that governs the licensing of property tax consultants is the:

Answer 11

• Texas Occupations Code

Question 12

12. To find property tax administration procedures that support Property Tax Code Law, one would look for:

Answer 12

• Texas Administrative Code