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Terms Used In Texas Tax Code 23.03

  • Appraisal: A determination of property value.
  • Appraised value: means the value determined as provided by Chapter 23 of this code. See Texas Tax Code 1.04
  • 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
  • Tax year: means the calendar year. 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

Each year the chief appraiser shall compile and send to the Texas Economic Development and Tourism Office a list of properties in the appraisal district that in that tax year:
(1) have a market value of $100 million or more;
(2) are subject to a limitation on appraised value under former Subchapter B or C, Chapter 313; or
(3) are subject to a limitation on taxable value under Subchapter T, Chapter 403, Government Code.