§ 7.03. Property Subject to Tax; Method of Assessment.

All property, real, personal or mixed, lying and being within the corporate limits of the City of Terrell on the first day of January, not expressly exempted by law, shall be subject to annual ad valorem taxation at its true market value. The mode and manner of making renditions, tax lists, assessments, tax rolls, delinquent tax rolls, collections and procedures for enforcing collection of such taxes shall be in accordance with the state laws governing the levy and collection of ad valorem taxes by cities, school districts, and counties. The city tax assessor-collector or third party designee shall assess all property which has been omitted from assessment in prior years upon a current supplemental assessment roll. The taxes upon such supplemental assessments shall be due at once, and if not paid within sixty (60) days thereafter, shall be deemed delinquent, and shall be subject to the same penalty and interest as other delinquent taxes for such year. If the ownership of any property should be unknown to the city tax assessor-collector, he shall enter that fact in the record.

In addition to the powers granted by this section, the city shall have the same power as county tax assessors and collectors in Texas to make reassessments, all at the same value and tax rates as such property should have been assessed and taxed for past years, and indicating the year or years for which it is assessed.