Cta (Exam Questions With Answers Best 2024 Verified Updated Package) - March 24th Review

ORIGINAL METHOD FOR OMITTED ASSESSMENTS {Ans: Written application is made to the CBT, with notice to the taxpayer, and the board renders a judgement at hearing as to whether the assessors valuation is correct. If the board of taxation judgment indicates that a property was omitted from assessment for a particular year, the assessor must enter the property and the assessment as per the judgment on the omitted assessment which is filed, with a duplicate, with the CBT on the next October 1.}COUNTY AND MUNI AUTHORITIES {Ans: Exempt when used for public purpose}REAL PROPERTY {Ans: All lands and improvements there on and includes personal property affixed to real property or an appurtenance thereto, unless personal property so affixed meets these requirements: 1. It can be removed or severed w/o material injury to real property 2. It can be removed or severed without material injury to the personal property itself 3. It is not ordinarily intended to be affixed permanently to the real property.}RESPONSIBILITIES OF ASSESSOR {Ans: 1. Discovery of all real property and certain personal property 2. Listing and description of property 3. Determination of taxability based on tax exemption & tax deduction statutes 4. Valuation