In Texas, property is assessed for ad valorem tax purposes at what percentage of market value?
Correct Answer
D) 100% of market value
Under Texas Tax Code §23.01, property is appraised at 100% of its fair market value. Unlike some states that use an assessment ratio, Texas uses full market value as the basis for taxation, subject to any applicable exemptions.
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More Texas Property Tax Questions
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In Texas, which of the following properties qualifies for the residential homestead exemption under Texas Tax Code §11.13?
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A Texas homeowner has filed a protest with the Appraisal Review Board. At the hearing, the homeowner presents evidence of recent comparable sales showing lower values. The ARB must make its decision based on which standard?