Value Defined

"Appraised value " means the value determined by Section 23 of the Texas Property Tax Code. "

The Texas Property Tax Code states "Except as otherwise provided by this chapter, all taxable property is appraised
at its market value as of January 1. The market value of property shall be determined by the application of
generally accepted appraisal methods and techniques."

"Market value" means the price at which a property would transfer for cash or its equivalent under prevailing market conditions if:

• exposed for sale in the open market with a reasonable time for the seller to find a purchaser
• 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
• 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.