| Term | Definition |
|---|---|
What does the term "ad valorem" mean? | According to Value |
What is the general Georgia Assessment Level applied to Fair Market Value? | 40% |
Who determines the amount of money to be collected through the county budget? | County Governing Authority |
What is the basic formula for calculating a property tax bill? | Assessed value x millage rate |
During what period are the books normally open for property tax returns? | Jan 1 - April 1 |
Under the manual's 48-5-42.1, tangible personal property is generally exempt when total taxable FMV in the county does not exceed what amount? | $20,000 |
Which property is excluded from the small-value tangible personal property exemption in 48-5-42.1? | Motor Vehicles |
By when must a qualifying homestead application generally be filed for the tax year? | By the closing date for tax-return books, April 1 |
What is the effect of failing to timely file a homestead application for a tax year? | The exemption is waived for that year. |
Once an owner has properly applied for homestead exemption, how often must the owner reapply while continuously occupying the residence as a homestead? | Generally, only once |
What is the minimum age of a member of a county Board of Tax Assessors? | 21 |
Within what period must a BOA member establish residence in the county after taking the oath? | 6 months |
What minimum educational credential must a BOA member hold? | Highschool Diploma, or equivalent |
How much initial training must a BOA member successfully complete? | 40 hours |
By when must the initial BOA training be completed if it was not completed before appointment? | within 180 days |
In addition to initial training, how much approved appraisal coursework must a BOA member complete during each two calendar years of tenure? | 40 hours ever 2 years |
Who appoints members and alternates of the county Board of Equalization? | County Grand Jury |
How much initial BOE appraisal instruction must a member complete before hearing appeals? | 40 hours |
After initial BOE training, what continuing education requirement is stated in the manual? | 8 hours annually |
Who serves as the "appeal administrator" under 48-5-311? | Clerk of Superior Court |
How long does a taxpayer generally have to file an appeal from the annual notice of assessment? | 45 days |
If the BOA makes changes or corrections during its appeal review and the taxpayer remains dissatisfied, how long does the taxpayer have to continue the appeal to the BOE? | 30 days |
How long does the BOA generally have to review an appeal and notify the taxpayer? | 180 days |
Which threshold can permit an additional 180-day BOA review period? | Appeals reach at least 3% under the statutory parcel-count or gross-digest test. |
How long does the BOA have to respond to a qualifying certified appraisal submitted by the taxpayer? | 45 days |
For the hearing-officer route described in 48-5-311, what FMV threshold applies to qualifying non-homestead real property? | More than $500,000 |
What happens when the taxpayer and BOA execute a signed agreement as to valuation during an appeal? | The appeal terminates |
How long is the period for appealing a BOE, hearing-officer, or arbitrator decision to superior court? | 30 days |
How many basic approaches to value are there? | 3 |
Which approach estimates value by comparing recent sales of comparable properties and making appropriate adjustments? | Market Approach |
Which formula represents the cost approach in the manual? | RCN - Depreciation + Land = Value |
Which approach is most applicable to properties that produce income, such as apartments or shopping centers? | Income Approach |
In the income approach, what is the basic formula for value? | V = Income/Rate |
Which valuation principle says a reasonable purchaser will pay no more for a property than the cost of an equally desirable substitute? | Substitution |
What is the first component of the mass appraisal/assessment flow described in the manual? | Property Identification |
What is a sales-assessment ratio? | Assessed Value/Sales Price |
Why does the manual prefer the median over the mean for measuring central tendency in a sales-ratio study? | It eliminates the disproportionate influence of outliers |
What residential COD standard is stated in the Georgia DOR material? | Less than or equal to 15% |
What non-residential standard is stated in the Georgia DOR material? | Less than or equal to 20% |
What does a PRD above 1.00 indicate? | Regressivity |