This provision, which is an equity standard, helps ensure that no single property or type of property pays more than its fair share of taxes. With some exceptions, all tangible property must be taxed on its January 1 market value. A property's market value is the price for which it would sell when both buyer and seller want the best price and neither is under pressure to buy or sell. All property is taxable unless federal or state law provides an exemption for it. An exemption excludes all or part of a property's value from taxation.
Property owners have a right to reasonable notice of increases in appraised property values.
Each property in a given appraisal district must have one appraised value. An appraisal district's boundaries generally follow the boundaries of the taxing units which are located in it. An appraisal district in each county sets the value of taxable property each year. The chief appraiser is the appraisal district's chief administrator and is responsible to a board of directors for its operation. Local taxing units , which include the county, cities, school districts, and special districts, decide how much money they will spend each year.