Property Tax Consultation Review Exam Questions: Appraisal of Business Personal Property

Question 1

The alternate assessment date that a taxpayer may elect for reporting an inventory value is

Answer 1

September 1st

Question 2

The section of the Texas Property Tax Code that describes valuation of inventory is

Answer 2

Section 23.12

Question 3

Remaining economic life is the difference between

Answer 3

Economic life and effective age

Question 4

Section 1.04 defines personal property as

Answer 4

Any property that is NOT real property

Question 5

A 30 day extension of time to file a business personal property rendition must be requested by

Answer 5

April 15th

Question 6

All property is taxable unless

Answer 6

It is exempted by Federal Law or State Constitution

Question 7

A late rendition penalty may be appealed to the

Answer 7

ARB

Question 8

Inventory may be exempted fro property taxation if it qualifies for

Answer 8

Freeport Exemption