Property is taxed by the authority of the Texas Constitution. The Constitution sets forth five basic principles for property taxes in Texas.
- Taxes must be equal and uniform. No single property or type of property should pay more than its fair share.
- Property must be appraised on its current market value meaning the price that it would sell for on the open market when both the buyer and seller seek the best price and neither is under pressure to buy or sell.
- Each property in a county must have a single appraised value. This is guaranteed by the use of the county appraisal districts.
- All property is taxable unless federal or state law exempts it from the tax.
- Property owners have a right to reasonable notice of increases in their appraised property value.
More information on the Texas Property Tax Code may be found on the Comptroller’s website.