Wednesday,  August 27, 2014      
Tarrant County, Texas
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2500 Handley-Ederville Road
Fort Worth, TX 76118-6982
(817) 284-0024
8:00 AM - 5:00 PM, Mon - Fri
Q.  On the page displaying property information is a value labeled "Appraised Value" and a note indicating that "Appraised value may differ from market value due to state-mandated limitations".  What limitations?

A.  Section 23.23 of the Texas Property Tax Code (added by SB 841, 75th Tex. Leg., 1997, eff. January 1, 1998) establishes limitations on appraised value of residence homestead as follows:

(a) The appraised value of a residence homestead for a tax year may not exceed the lesser of:

(1) the market value of the property; or
(2) the sum of:
(A) 10 percent of the appraised value of the property for the last year in which the property was appraised for taxation times the number of years since the property was last appraised;
(B) the appraised value of the property for the last year in which the property was appraised; and
(C) the market value of all new improvements to the property.
(b) When appraising a residence homestead, the chief appraiser shall:
(1) appraise the property at its market value; and
(2) include in the appraisal records both the market value of the property and the amount computed under Subsection (a)(2).
(c) The limitation provided by Subsection (a) takes effect as to a residence homestead on January 1 of the tax year following the first tax year the owner qualifies the property for an exemption under section 11.13. The limitation expires on January 1 of the first tax year that neither the owner of the property when the limitation took effect nor the owner's spouse or surviving spouse qualifies for an exemption under section 11.13.

(d) This section does not apply to property appraised under Subchapter C, D, E, F, or G.

(e) In this section, "new improvement" means an improvement to a residence homestead that is made after the appraisal of the property for the preceding year and that increases the market value of the property. The term does not include ordinary maintenance of an existing structure or the grounds or another feature of the property.

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