Texas Tax Code 24.38 – Certification of Apportioned Value
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Terms Used In Texas Tax Code 24.38
- Comptroller: means the Comptroller of Public Accounts of the State of Texas. See Texas Tax Code 1.04
- Market value: means the price at which a property would transfer for cash or its equivalent under prevailing market conditions if:
(A) exposed for sale in the open market with a reasonable time for the seller to find a purchaser;
(B) both the seller and the purchaser know of all the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on its use; and
(C) both the seller and purchaser seek to maximize their gains and neither is in a position to take advantage of the exigencies of the other. See Texas Tax Code 1.04
Before July 26, the comptroller shall certify to the county assessor-collector for each county in which a railroad operates:
(1) the county’s apportioned amount of the market value of each owner’s rolling stock; and
(2) the name and business address of each owner.