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TAX INFORMATION Ad Valorem Tax Law The appraisal of property within the City is the responsibility of the Hays County Appraisal District. Excluding open-space land devoted to farm or ranch purposes or to timber production, which may be taxed on the basis of productive capacity, the Appraisal District is required under the Property Tax Code to appraise all property within the Appraisal District on the basis of 100% of its market value and is prohibited from a¡:>plying any assessment ratios. The value placed upon property within the Appraisal District is subject to review by the Appraisal Review Board, consistjng of three members appointed by the Board of Directors of the Appraisal District. The Appraisal District is required to review the value of property within the Appraisal District every four years. The City may requi-re annual review at its own expense, and is entitled to challenge the determination of appraised value of property within the City by petition filed with the Appraisal Review Board. Reference is made to the Property Tax Code, V.T .C.A., for identification of property subject to taxation; property exempt or which may be exempted from taxation, if claimed; the appraisal of property for ad valorem taxation purposes; and the procedures and limitations applicable to the levy and col1ection of ad valorem taxes. Pursuant to authority permitted by Section 1 -b, Article VIII of the State Constitution, the City has granted an exemption of $10,000 of assessed valuation to the residence homestead of property owners, including cooperative housing, over 6.5 years of age or disabled. State law mandates an additional property tax exemption for disabled veterans or the surviving spouse or children of a deceased veteran who died while on active duty in the armed forces. The exemption from taxation applies to either real or personal property with the amount of assessed valuation exempted ranging from $1,500 to $3,000, dependent upon the amount of disability or whether the exemption is applicable to a surviving spouse or children. Additionally, State law provides that an eligible owner of agricuJturaJ land or timberland may apply to have such property appraised on the basis of productivity value or on the basis of market value, whichever is less. local governments have the option of granting additional homestead exemptions of up to 20% of market value with a minimum exemption of $5,000. Taxes may continue to be levied against the value of the homestead exempted where ad valorem taxes have been previously ¡:>ledged for the payment of debt, if cessation of the levy would impair the obligation of the contract by which the debt was created. local governments also have the option to exempt aU nonbusiness personal property such as boats, automobiJes and aircraft. The City has granted the 2096 optional exemption, does not tax nonbusiness personal property and collects its own taxes. A - 5