(a) Except as provided by Subsection (b), the appraised value of qualified restricted-use timber land is one-half of the appraised value of the land as determined under § 23.73(a).
(b) The appraised value determined under Subsection (a) may not exceed the lesser of:
(1) the market value of the land as determined by other appraisal methods; or
(2) the appraised value of the land for the year preceding the first year of appraisal under this subchapter.

Terms Used In Texas Tax Code 23.9803

  • Appraisal: A determination of property value.
  • Appraised value: means the value determined as provided by Chapter 23 of this code. See Texas Tax Code 1.04
  • Market value: means the price at which a property would transfer for cash or its equivalent under prevailing market conditions if:
    (A) exposed for sale in the open market with a reasonable time for the seller to find a purchaser;
    (B) both the seller and the purchaser know of all the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on its use; and
    (C) both the seller and purchaser seek to maximize their gains and neither is in a position to take advantage of the exigencies of the other. See Texas Tax Code 1.04
  • Year: means 12 consecutive months. See Texas Government Code 311.005

(c) The chief appraiser shall determine the market value of qualified restricted-use timber land and shall record both the market value and the appraised value in the appraisal records.

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