*1 OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN

Honorable Forrbstsr Senoook, Page 2 In Article

Xn rim of the language matained 8, %otian 20 of the Constitution an4 tii eeli3 Artfale 7166, it lo.our opinion that the term wtrue and full valueP a6 used in ths first seotion o? Article 7165, hvleed Cfrll :Ttatutea, meem the ARFAO thing as "actuel aesh velueP aa ueed In Artlale 7166 and "fair oash market ralue" (LB used in ml4 Constitutional pre~leiens~ In a oountg where property is required to be arseased at 100% of Its adtual cash value, eaoh share in a national bank rbould be taxed only for the dlffarenas between ita aotual cash ralua and the proportionate amount per share at which the bank'e real estate is aseesced, a6 prwided by Article 7166. We enclose copy or out ~plnion 20. O--21*06 whloh inbiaates the method of arrivin,~; at the peopar valuation of such ahares it a aountp where the 3oar4 of Equdiisetion systemetlaally aBneasei3 property at a peroantage 16sa then tht, full value. GB belleve this will eufficiently ansmr your questions.

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