Texas Real Estate State Practice Exam

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What is the value of property for tax purposes called?

  1. Assessed Value

  2. Escheat

  3. Eminent Domain

  4. Variance

The correct answer is: 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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