Property Valuation
The Texas Property Tax Code § 23.01 states that all real property subject to taxation shall be appraised at its:
AOriginal purchase price
BMarket value as of January 1 of the tax year✓ Correct
CReplacement cost new less depreciation
DIncome value as established by the CAD
Explanation
Under Texas Property Tax Code § 23.01, all real property is appraised at its market value as of January 1 of the tax year. Market value is defined as the price the property would sell for in an arm's length transaction.
Related Texas Property Valuation Questions
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