All real property situated within the corporate limits of the City on the first day of January of each year, not expressly exempted by law, shall be subject to yearly taxation by the City. As prescribed by state law, the assessed value of such property shall be One-Hundred (100) percent of its appraised value on January 1 as determined by the Appraisal District authorized by state law to appraise property subject to taxation by the City.
(Adopted May 8, 1923; Am. Ord. 633, passed 2-5-02)