So, a $500,000 home on a $100,000 lot in an area where the In the 1.5-2.5% range, is then multiplied by that value to determine the Realtor would recommend, but they are usually within 20%. Most of these values end up being lower than the actual sale price a Taxes are based on the value at which the property should sell in a fair market In a fair market valuation, which is reserved mainlyįor non-revenue-producing commercial and residential properties, the property Special use valuations (Agriculture, Wildlife, Timber, and Ecological ![]() The difference between a fair market valuation and the 4 The purpose of the bill was not to “save wildlife,” but “…to preserve open space land…” Traditional agricultural operators had no recourse to keep their property taxes at a reasonable rate if they ceased their agricultural operations, and largely could not afford their property taxes if they increased to fair market levels. 1358 implemented the constitutional amendment by making wildlife management an agricultural use that qualifies the land for agricultural appraisal. In 1995, Texas voters approved Proposition 11, which amended Article VIII, Section 1-d-1 of the Texas Constitution to permit agricultural appraisal for land used to manage wildlife. Large pieces of rural land, once teeming with wildlife, flowing with wild creeks, and overgrown with lush, native vegetation are being lost to fragmentation at an alarming rate. In Texas, fragmentation is often recognized as the division of rural land into smaller pieces to accompany commercial or residential development.
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