Texas Constitution

Generally, all tangible property must be taxed on its current market value (effective January 1). The Texas Constitution provides certain exceptions, such as productivity values for agricultural and timber land. The property's market value is "the price for which it would sell when both buyer and seller seek the best price and neither is under pressure to buy or sell". Land used for farming and ranching, by contrast, can be valued on its capacity to produce crops or livestock intead of its market value. Such appraisal is called agricultural appraisal. Similarly, special timberland appraisal is available to property owners whose land produces timber for commercial use.

Taxation must be equal and uniform. All property, whether residential or commercial, must be taxed equally and uniformly. No single property or type of properties should pay more than its fair share of taxes.

Exemptions may exclude all or part of a property's value from taxation. All property is taxable unless a federal or state law exempts it from the tax. The Texas Legislature may provide certain exemptions.

Property owners have a right to reasonable notice of increases in appraised property value.

Each property in a county must have a single appraised value.