Sec. 23.73. APPRAISAL OF QUALIFIED TIMBER LAND. (a) The appraised value of qualified timber land is determined on the basis of the category of the land, using accepted income capitalization methods applied to average net to land. The appraised value so determined may not exceed the market value of the land as determined by other appraisal methods.
(b) The comptroller by rule shall develop and distribute to each appraisal office appraisal manuals setting forth this method of appraising qualified timber land, and each appraisal office shall use the appraisal manuals in appraising qualified timber land. The comptroller by rule shall develop and the appraisal office shall enforce procedures to verify that land meets the conditions contained in Section 23.72. The rules, before taking effect, must be approved by the comptroller with the review and counsel of the Texas A&M Forest Service.
(c) For the purposes of Section 23.76 of this code, the chief appraiser also shall determine the market value of qualified timber land and shall record both the market value and the appraised value in the appraisal records.
(d) The appraisal of minerals or subsurface rights to minerals is not within the provisions of this subchapter.
Acts 1979, 66th Leg., p. 2261, ch. 841, Sec. 1, eff. Jan. 1, 1982. Amended by Acts 1981, 67th Leg. 1st C.S., p. 145, ch. 13, Sec. 73, eff. Jan. 1, 1982; Acts 1991, 72nd Leg., 2nd C.S., ch. 6, Sec. 26, eff. Sept. 1, 1991.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 23 (S.B. 594), Sec. 2, eff. January 1, 2018.
Acts 2017, 85th Leg., R.S., Ch. 553 (S.B. 526), Sec. 10(c), eff. September 1, 2017.
Structure Texas Statutes
Subtitle D - Appraisal and Assessment
Chapter 23 - Appraisal Methods and Procedures
Subchapter E. Appraisal of Timber Land
Section 23.72. Qualification for Productivity Appraisal
Section 23.73. Appraisal of Qualified Timber Land
Section 23.74. Capitalization Rate
Section 23.751. Late Application for Appraisal as Timber Land
Section 23.76. Change of Use of Land
Section 23.765. Oil and Gas Operations on Land
Section 23.77. Land Ineligible for Appraisal as Timber Land