Texas Attorney General Opinion: M-319 Page: 4 of 15
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Hon. Gene Russell, Page 4, (M-319)
Article 7174, Vernon's Civil Statutes.
"Each separate parcel of real prop-
erty shall be valued at its true and
full value in money, excluding the value
of crops growing or ungathered thereon.
"In determining the true and full
value of real and personal property the
assessor shall not adopt a lower or dif-
ferent standard of value because the
same is to serve as a basis of taxation,
nor shall he adopt as a criterion of
value the price for which such property
would sell at auction or a forced sale
or in the aggregate with all the prop-
erty in his county; but he shall value
each tract or lot by itself, and at
such sum and price as he believes the
same to be fairly worth in money at
the time such assessment is made.
"Taxable leasehold estates shall
be valued at such a price as they
would bring at a fair voluntary sale
for cash.
"Personal property of every
description shall be valued at its
true and full value in money."
Article 7319, Vernon's Civil Statutes.
"For the purpose of taxation, real
property shall include all lands within
this State, and all buildings and fixtures
thereon and appertaining thereto, except
such as are expressly exempted by law.
Our State Constitution and statutes provide that
certain described properties shall be exempt from ad
valorem taxes. See Article VIII, SSI and lb, Article-1555-
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Texas. Attorney-General's Office. Texas Attorney General Opinion: M-319, text, December 17, 1968; (https://texashistory.unt.edu/ark:/67531/metapth269540/m1/4/: accessed July 10, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.