Texas Tax Code 1.12 – Median Level of Appraisal
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(a) For purposes of this title, the median level of appraisal is the median appraisal ratio of a reasonable and representative sample of properties in an appraisal district or, for purposes of § 41.43 or 42.26, of a sample of properties specified by that section.
(b) An appraisal ratio is the ratio of a property‘s appraised value as determined by the appraisal office or appraisal review board, as applicable, to:
(1) the appraised value of the property according to law if the property qualifies for appraisal for tax purposes according to a standard other than market value; or
(2) the market value of the property if Subdivision (1) of this subsection does not apply.
Terms Used In Texas Tax Code 1.12
- 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 - Property: means real and personal property. See Texas Government Code 311.005
(c) The median appraisal ratio for a sample of properties is, in a numerically ordered list of the appraisal ratios for the properties:
(1) if the sample contains an odd number of properties, the appraisal ratio above and below which there is an equal number of appraisal ratios in the list; or
(2) if the sample contains an even number of properties, the average of the two consecutive appraisal ratios above and below which there is an equal number of appraisal ratios in the list.
Text of subsection effective until January 01, 2027
(d) For purposes of this section, the appraisal ratio of property to which § 23.23 or 23.231 applies is the ratio of the property’s market value as determined by the appraisal district or appraisal review board, as applicable, to the market value of the property according to law. The appraisal ratio is not calculated according to the appraised value of the property as limited by § 23.23 or 23.231.
Text of subsection effective on January 01, 2027
(d) For purposes of this section, the appraisal ratio of a homestead to which § 23.23 applies is the ratio of the property’s market value as determined by the appraisal district or appraisal review board, as applicable, to the market value of the property according to law. The appraisal ratio is not calculated according to the appraised value of the property as limited by § 23.23.