According to the Texas Property Tax Code, what constitutes real property?

The classification of real property under the Texas Property Tax Code is comprehensive and includes not only land and improvements but also additional elements that are integral to real estate. Answering specifically, real property encompasses land, any improvements made upon that land (such as buildings or other structures), and elements that are affixed to the land like a mine or quarry along with the minerals that are in place. This broad definition ensures that all aspects of property that could potentially affect value for tax purposes are accounted for.

The inclusion of mines or quarries and minerals is particularly significant because these resources can contribute substantially to the value of the property. This definition aligns with the intention of property tax law to account for various forms of value derived from real estate.

In contrast, some of the other options center around elements that do not fall under the strict definition of real property. For example, real estate contracts and rentals focus on agreements and income derived from property rather than the property itself. Additionally, leasing rights would pertain more to the usage and rights associated with property rather than the property itself. Financial assets do not have a direct bearing on physical property classifications under the Texas Property Tax Code. Thus, the correct answer accurately captures the full scope of real property as defined by relevant Texas laws