Reports Of Property Value Instructions Page 4
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28Instructions for 2007
Reports of Property Value
Purpose of the Property
deductions. The Comptroller’s estimated taxable value re-
flects deductions for state-mandated homestead and dis-
Value Study
abled veterans’ exemptions and deductions arising from
reinvestment zones, freeport exemptions, productivity ap-
Legislative Background
praisal of qualified lands, the school tax ceiling for over-65
homeowners, pollution control, solar and wind-powered
The Government Code requires the Texas Comptroller of
houses and low-income housing exemptions.
Public Accounts to conduct an annual study to estimate
the total taxable value of all property within each school
Under the law, the agency must publish preliminary find-
district. This requirement is important because the dis-
ings of taxable value for each school district before Feb. 1
tribution of several billion dollars in state aid to school
of the year following the year under study. The findings
districts depends in part on the Comptroller’s total tax-
are delivered to school districts and are certified to the
able value findings. The Commissioner of Education uses
Commissioner of Education.
the Comptroller’s taxable value findings to determine the
The Comptroller must publish the findings of the appraisal
amount of state funds each school district receives. The
district study and distribute copies to all appraisal districts
Texas Education Agency can answer questions about state
and members of the Legislature.
aid and the funding formula.
Property Classifications
As part of this annual study, the law requires the
Comptroller to:
State law requires the Comptroller to estimate the value of
the major property categories used in the PVS, which are:
• use sales and generally accepted auditing and
sampling techniques; and
A.
Real Property: Single Family, Residential
• test the validity of values in each school district.
B.
Real Property: Multifamily, Residential
C.
Real Property: Vacant Lots and Tracts
The Tax Code also requires the Comptroller to determine
D1. Real Property: Qualified Agricultural Land
annually the level and uniformity of property tax apprais-
D2. Real Property: Non-Qualified Land
als for each major property type in each appraisal district
E.
Real Property: Farm and Ranch Improvements
by using data collected in the annual school district tax-
F1. Real Property: Commercial
able value study. The level of appraisal shows whether each
appraisal district has appraised typical properties at 100
F2. Real Property: Industrial
percent of the legally required level (normally the mar-
G1. Real: Minerals and Oil and Gas
ket value). The uniformity measures show whether each
G2. Real: Other minerals reserves
appraisal district is appraising property at the same per-
G3. Real: Non-producing minerals
centage of market value within a category or between
H.
Tangible Personal Property: Non-Business
categories. As part of this study, the Comptroller may be
Vehicles
required to review the appraisal methods, standards and
J.
Real and Tangible Personal Property: Utilities
procedures used by each appraisal district to determine
L1. Personal Property: Commercial
whether it used generally accepted standards and prac-
L2. Personal Property: Industrial
tices. The school district study and the appraisal district
M1. Mobile Homes
study are referred to as the Comptroller’s Property Value
M2. Other Tangible Personal Property
Study (PVS) in this booklet.
N.
Intangible Personal Property
O.
Real Property: Residential Inventory
Taxable value is the estimated property wealth that each
school district may tax. It is equal to the market value of
S.
Special Inventory
all property in a district, minus certain exemptions and
X.
Totally Exempt Property
Reports of Property Value Instructions
1
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