PROPERTY TAXES
Property
(ad valorem) taxes are taxes on real and/or
personal property. Real property includes land and improve-
ments. Personal property refers to items which are movable
or not permanently fixed to the land.
The Revenue Commissioner is responsible for determining
property value which must, by law, be set according to "fair
and reasonable market value." Your property is probably not
for sale but the local appraiser must set the value of the
property as if it were "sold" in an "arms length" transaction
between a "willing buyer and a willing seller," neither being
under any pressure to buy or sell.