Principles. The property tax is a direct barrier to business investment and to homeownership. Given the extraordinary harm the tax can create, particular care must be taken to ensure that property taxes are as low as possible. Property taxes should be equal and uniform and based on professionally-determined market-values or use values. Exemptions to existing property should be used sparingly, as they can simply shift the tax burden onto other taxpayers. However, given Texas’ extraordinarily high property tax burden, abatements and deferrals may be an appropriate tool for encouraging new investment.