Who determines the market value for tax purposes?

The market value for tax purposes is determined by the county appraisal district in which the property is located. This is because the appraisal district is responsible for appraising properties within its jurisdiction to ensure that property taxes are assessed fairly and in accordance with state laws and regulations. These districts utilize a variety of methods and data, including comparable sales, income approaches, and cost approaches, to arrive at an accurate estimate of market value.

Other options are less relevant to the determination of market value. The state tax assessor may set overarching guidelines or policies for property tax assessment across the state, but the local implementation and determination of market values fall to the county appraisal district. The local city council does not directly assess property values; their role is more focused on municipal governance and ordinances. Lastly, while property owners have a vested interest in the valuation of their property and can influence the appraisal process through appeals, they do not determine the market value themselves.