Texas Property Tax Code - General
Provisions
Property - answer means any matter or thing capable of private ownership
Real Property (6) means... - answer Land
An Improvement
A mine or quarry
A mineral in place
Standing Timber
An Estate or Interest, other than a mortgage or deed of trust creating a lien on property
or an interest securing payment or performance of an obligation, in a property
enumerated in Paragraphs (A) through (E)
An Improvement means... - answer1) A building, structure, fixture, or fence erected on
or affixed to land
2) A Transportable structure that is designed to be occupied for residential or business
purposes, whether or not it is affixed to land, if the owner of the structure owns the land
on which it is located, unless the structure is unoccupied and held for sale or normally is
located at a particular place only temporarily
3) under section 52 - subdivision of land by plat, installation of water, sewer, or drainage
lines, or paving of undeveloped land
4) Manufactured home can be elected to be real property
Personal Property means... - answerProperty that is not real property
Tangible Personal Property means... - answerpersonal property that can be seen,
weighed, measured, felt, or otherwise perceived by the senses, but does not include a
document or other perceptible object that constitutes evidence of a valuable interest,
claim, or right and has negligible or no intrinsic value
intrisinic value... - answerThe price a rational investor is willing to pay for an investment,
given its level of risk
Intangible Personal Property means... - answera claim, interest (other than an interest in
tangible property), right, or other thing that has value but cannot be seen, felt, weighed,
measured, or otherwise perceived by the senses, although its existence may be
evidenced by a document. Stock, bond, note or account receivable, franchise, license or
permit, demand or time deposit, certificate of deposit, share account, share certificate
account, share deposit account, insurance policy, annuity, pension, cause of action,
contract, and goodwill.
, Market Value means... - answerthe price at which a property would transfer for cash or
its equivalent under prevailing market conditions if: exposed for sale in the open market
with a reasonable time for the seller to find a purchaser. Seller and purchaser know of
all the uses and purposes to which the property is adapted and for which it is capable of
being used. Seller & Purchaser seek to maximize their gains and neither is in the a
position to take advantage of the exigencies of the other.
Appraised value... - answerAn opinion of a property's fair market value, based on an
appraiser's knowledge, experience, and analysis of the property. Since an appraisal is
based primarily on comparable sales, and the most recent sale is the one on the
property in question, the appraisal usually comes out at the purchase price.
Assessed Value means.. - answerfor the purposes of assessment of property for
taxation, the amount determined by multiplying the appraised value by the applicable
assessment ratio, but, for the purposes of determining the debt limitation imposed by
Article III, section 52, of the Texas constitution, shall mean the market value of the
property recorded by the chief appraiser
Taxable Value - answerthe amount determined by deducting from assessed value the
amount of any applicable partial exemption
Partial Exemption means... - answeran exemption of part of the value of taxable
property
Taxing Unit means.. - answera county, an incorporated city or town, a school district, a
special district or authority(junior college district, hospital, a district created by or
pursuant to the Water Code, a mosquito control district, a fire prevention district, or a
noxious weed control district), or any other political unit of this state, whether created by
or pursuant to the constitution or a local, special, or general law, that is authorized to
impose and is imposing ad valorem tax on property.
Tax Year means... - answercalendar year
Assessor means... - answerthe officer or employee responsible for assessing property
taxes as provided by chapter 26
Collector means.. - answerthe officer or employee responsible for collecting property
taxes for a taxing unit by whatever title he is designated.
Possessory Interest - answerAn interest in property that entitles the holder to possess
and occupy the property, now or in the future; an estate, which may be either a freehold
or leasehold.
Conservation and Reclamation District means... - answerThe conservation and
development of all of the natural resources of this State, and development of parks and
recreational facilities, including the control, storing, preservation and distribution of its
Provisions
Property - answer means any matter or thing capable of private ownership
Real Property (6) means... - answer Land
An Improvement
A mine or quarry
A mineral in place
Standing Timber
An Estate or Interest, other than a mortgage or deed of trust creating a lien on property
or an interest securing payment or performance of an obligation, in a property
enumerated in Paragraphs (A) through (E)
An Improvement means... - answer1) A building, structure, fixture, or fence erected on
or affixed to land
2) A Transportable structure that is designed to be occupied for residential or business
purposes, whether or not it is affixed to land, if the owner of the structure owns the land
on which it is located, unless the structure is unoccupied and held for sale or normally is
located at a particular place only temporarily
3) under section 52 - subdivision of land by plat, installation of water, sewer, or drainage
lines, or paving of undeveloped land
4) Manufactured home can be elected to be real property
Personal Property means... - answerProperty that is not real property
Tangible Personal Property means... - answerpersonal property that can be seen,
weighed, measured, felt, or otherwise perceived by the senses, but does not include a
document or other perceptible object that constitutes evidence of a valuable interest,
claim, or right and has negligible or no intrinsic value
intrisinic value... - answerThe price a rational investor is willing to pay for an investment,
given its level of risk
Intangible Personal Property means... - answera claim, interest (other than an interest in
tangible property), right, or other thing that has value but cannot be seen, felt, weighed,
measured, or otherwise perceived by the senses, although its existence may be
evidenced by a document. Stock, bond, note or account receivable, franchise, license or
permit, demand or time deposit, certificate of deposit, share account, share certificate
account, share deposit account, insurance policy, annuity, pension, cause of action,
contract, and goodwill.
, Market Value means... - answerthe price at which a property would transfer for cash or
its equivalent under prevailing market conditions if: exposed for sale in the open market
with a reasonable time for the seller to find a purchaser. Seller and purchaser know of
all the uses and purposes to which the property is adapted and for which it is capable of
being used. Seller & Purchaser seek to maximize their gains and neither is in the a
position to take advantage of the exigencies of the other.
Appraised value... - answerAn opinion of a property's fair market value, based on an
appraiser's knowledge, experience, and analysis of the property. Since an appraisal is
based primarily on comparable sales, and the most recent sale is the one on the
property in question, the appraisal usually comes out at the purchase price.
Assessed Value means.. - answerfor the purposes of assessment of property for
taxation, the amount determined by multiplying the appraised value by the applicable
assessment ratio, but, for the purposes of determining the debt limitation imposed by
Article III, section 52, of the Texas constitution, shall mean the market value of the
property recorded by the chief appraiser
Taxable Value - answerthe amount determined by deducting from assessed value the
amount of any applicable partial exemption
Partial Exemption means... - answeran exemption of part of the value of taxable
property
Taxing Unit means.. - answera county, an incorporated city or town, a school district, a
special district or authority(junior college district, hospital, a district created by or
pursuant to the Water Code, a mosquito control district, a fire prevention district, or a
noxious weed control district), or any other political unit of this state, whether created by
or pursuant to the constitution or a local, special, or general law, that is authorized to
impose and is imposing ad valorem tax on property.
Tax Year means... - answercalendar year
Assessor means... - answerthe officer or employee responsible for assessing property
taxes as provided by chapter 26
Collector means.. - answerthe officer or employee responsible for collecting property
taxes for a taxing unit by whatever title he is designated.
Possessory Interest - answerAn interest in property that entitles the holder to possess
and occupy the property, now or in the future; an estate, which may be either a freehold
or leasehold.
Conservation and Reclamation District means... - answerThe conservation and
development of all of the natural resources of this State, and development of parks and
recreational facilities, including the control, storing, preservation and distribution of its
