What determines the value used for tax purposes?

State law says your property will be appraised at "fair market value" as it exists on January 1st of each year.  Market value is the amount of money a well-informed buyer would pay a well-informed seller in an open and competitive market.

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1. Why is the appraisal necessary?
2. How is an appraisal done?
3. What determines the value used for tax purposes?
4. Why does the value change?
5. When are owners notified?
6. How can I determine if the appraisal is accurate?
7. How is farmland valued?
8. What if I believe the appraised value is too high?