Cherokee Water Company, Petitioner v. Gregg County Appraisal District, Respondents

Summary

The Texas Supreme Court affirmed the Court of Appeals' judgment that the trial court properly exercised its de novo authority to determine fair market value of Cherokee Water Company's property, rejecting the taxpayer's arguments that the appraisal district's methodology was invalid, that the amendment to Tax Code §23.01(b) limited taxation to the lessor's reversion, and that the property should be valued as a single tract. Justice Ray dissented, contending the appraisal violated statutory and constitutional requirements.