Bill Status of HB4289 94th General Assembly
Short Description: PROP TX-TIMBERLAND VALUATION
Rep. Ron Stephens, Harry R. Ramey, Jr., David Reis, Bill Mitchell, Mike Boland and David R. Leitch
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Property Tax Code. Provides that, beginning with the 2005 assessment year, qualified timberland shall be assessed at 33 1/3% of the lesser of: (i) its value for forestry-production purposes; or (ii) $500 per acre. Defines "qualified timberland" as any parcel of unimproved real property that is timberland and that: (1) does not qualify as cropland, permanent pasture, other farmland, or wasteland; and (2) is not managed under a forestry management plan so as to be considered as "other farmland". Effective immediately.