Terms Used In Texas Tax Code Chapter 201 > Subchapter C - Determining Value

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Market value: means the price at which a property would transfer for cash or its equivalent under prevailing market conditions if:
  (A) exposed for sale in the open market with a reasonable time for the seller to find a purchaser;
  (B) both the seller and the purchaser know of all the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on its use; and
  (C) both the seller and purchaser seek to maximize their gains and neither is in a position to take advantage of the exigencies of the other. See Texas Tax Code 1.04
• Taxable value: means the amount determined by deducting from assessed value the amount of any applicable partial exemption. See Texas Tax Code 1.04
• Year: means 12 consecutive months. See Texas Government Code 311.005