Property Valuation
In Texas, the Texas Property Tax Code requires appraisal districts to appraise property at:
AIts purchase price
B100% of market value as of January 1 each year✓ Correct
C80% of market value
DIts original construction cost minus depreciation
Explanation
Under Texas Property Tax Code Section 23.01, property must be appraised at 100% of its market value as of January 1 of each tax year. The county appraisal district is responsible for determining market value. Homestead and other exemptions reduce the taxable value, not the appraised value.
Related Texas Property Valuation Questions
- A Texas single-family home appraiser uses the following sales. After adjustments, which comparable would they give the most weight to?
- A Texas appraiser determines that a comparable sale was made under duress (e.g., foreclosure). This sale should typically:
- A Texas property is appraised under USPAP. USPAP Competency Rule requires that an appraiser:
- Texas real estate appraisers are licensed by:
- An appraiser uses three approaches to value a Texas mixed-use property with residential and retail space. The MOST appropriate approach to emphasize is:
- The income capitalization approach to value is MOST appropriate for appraising:
- A property recently sold for $350,000. The buyer paid $5,000 above appraised value due to a competitive bidding situation. For comparable sales purposes, the appraiser would most likely:
- In the sales comparison approach, a comparable sale has a garage valued at $8,000 that the subject property lacks. The appraiser should:
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