What defines taxable property according to Texas law?

The definition of taxable property according to Texas law primarily hinges on the categorization of real and tangible personal property, which is taxable unless specifically exempted by law. Real property includes land and anything permanently attached to it, like buildings, while tangible personal property encompasses items such as machinery, equipment, and inventory that can be physically touched and moved.

This definition aligns with the fundamental principles of property taxation in Texas, which is designed to ensure that a wide range of properties contributes to local tax revenues unless they qualify for an exemption as stipulated by various laws, such as those covering agricultural land, residential homesteads, or certain nonprofit organizations. Recognizing this distinction helps property owners understand their obligations and apply for potential exemptions relevant to their specific situations.

Understanding this framework is vital for anyone looking to navigate Texas property tax issues, as it establishes the baseline for what constitutes taxable assets in the state.