Reports Of Property Value Instructions Page 18
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28COUNTY
Report of Property Value—2007
Item-by-Item Explanation
and the taxable personal property for the identified taxing
unit before the 10 percent cap is applied. Do not include
(Self-Reports)
property that is receiving a total exemption. Improvement
values are buildings or structures located on or attached to
Please complete all sections of the report and submit the
the land. Personal property is all property that is not real
original and one copy of each requested document.
property. It includes business equipment, machinery, fur-
niture and so on. This value should equal the total category
Submit a certified recap that corresponds with the val-
breakdown on Page 3 and your certified recap total.
ue reported on this report and the Electronic Appraisal
Roll Submission. Recaps should include the breakdown
Item 4. Total value lost to state-mandated $3,000 ex-
of category values, breakdown of exemptions and loss-
emption on farm-to-market/flood control. Each home-
es, the breakdown of land classes, productivity value
owner is entitled to a state-mandated $3,000 exemption
schedule, tax increment financing fund(s) and deferred
on the appraised value of his or her residence homestead
taxes/increasing homesteads. Required under Property
(Tax Code Section 11.13[a]). To calculate maximum value
Tax Code Section 25.24 and 26.01.
allowed, multiply the number of individuals granted this
exemption times $3,000. You may not exceed this maxi-
All counties must complete the Indigent Health Care
mum value. Do not combine the state-mandated $3,000
Information (Health and Safety Code Sections 61.040 and
exemption value loss with any local optional value loss. If
61.041).
the county has the farm-to-market/flood control tax (FM/
FC) and also grants the local optional age 65 or older or
An item-by-item explanation of the information requested
disabled homestead exemption, the homeowner qualify-
on the County Report of Property Value follows:
ing for both does not combine the two exemptions or split
Item 1. Total market value before the 10 percent cap
the exemption. The homeowner can only receive the local
on residence homesteads (Tax Code Section 23.23) is
optional age 65 or older or disabled exemption and cannot
applied. Include the total market value of all uncerti-
receive the state mandated $3,000 homestead exemption.
fied and Section 26.01[d] property (Tax Code Section
(See Tax Code Section 11.13[g] for specifications.)
26.01[d]). Use figures based on the appropriate submis-
Example:
sion date, or if not available, your most current tax roll.
Report the total market value of all property in your
County grants FM/FC and $10,000 local option over-65 or
county. Market value is the value before the application
disabled exemption.
of the cap. (Include the value of totally exempt property
and the market value of property receiving productivity
Correct deductions:
valuation.)
Market Value of Property is
$ 75,000
FM/FC loss
0
Item 2. Totally exempt property value. The full market
Local Optional over-65/disabled
10,000
value of any property completely excluded from taxation
that is included in total market value above. Even though
Taxable Value:
$ 65,000
totally exempt property is not taxable, it may be valued
Incorrect deductions:
and placed on the appraisal roll. The value of the totally
Market Value of Property is
$ 75,000
exempt property should be deducted from the appropriate
FM/FC loss
3,000
category on Page 3 for reporting purposes. Some examples
of totally exempt properties are foreign trade zones, low-
Local Optional over-65/disabled
7,000
income housing, transitional and habitat housing, reli-
Taxable Value:
$ 65,000
gious organizations, federal or state governments, etc.
In the incorrect example, you can not split the local op-
Item 3. Total Value (Item 1 minus Item 2 above). This value
tional age 65 or older or disabled exemption between
should reflect the market value of the land, the improvement
the state-mandated $3,000 exemption. Report the whole
Reports of Property Value Instructions
15
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