Ace the Texas Real Estate State Exam 2025 – Unlock Your Realty Dreams!

Question: 1 / 400

What is the value of property for tax purposes called?

Assessed Value

The value of property for tax purposes is called the Assessed Value. This value is used by local governments to determine the property taxes that a property owner is required to pay. Option B, Escheat, refers to the process where property reverts to the state when a person dies without a will and without heirs. Option C, Eminent Domain, is the government's power to take private property for public use with just compensation. Option D, Variance, is a request for an exception to a zoning law due to a special circumstance regarding a property.

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Escheat

Eminent Domain

Variance

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