Property Tax Consultation Review Exam Questions: Appraisal Appeal Flashcards
Property Value may be estimated using
Sales comparision, Income capitalization and cost approach
When valuing land it is necessary to consider the
Size and shape of the land
Market value less total applicable exemptions equals
Taxable Value
A flaw in construction, materials or design is known as
Functional Obsolescence
Uniform Standard of Professional Appraisal Practices (USPAP)
Are required to be used by appraisal districts when estimating market value
An acre of land contains
43,560 square feet
The concept of rights of property ownership is known as
The bundle of rights
An easement is an interest in real property that
Transfer use, but not ownership of the property
When valuing a single family residence for property tax puposes, the chief appraiser must consider
Like properties in the same nieghborhood
The income capitalizatino approach
Analyzes a property’s capacity to generate future benefits and capitalizes the income into the present value
Discounting is a general term used to
Describe the process of converting future cash flows into a present value
Value in exchange defines
The amount of cash the property is most likely to bring
A determination of protest
Reflects the decision of an appeal heard by the ARB
Responsibilities of the appraisal district include
Appraising property for tax purposes and notifying taxpayers of the value
A hearing before the ARB may be delayed if
The property owner OR his agent shows good cause for the postponement
