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Farm and Ranch Purchase & Agriculture Exemption Requirements

| Mar 5, 2021 | Real Estate |

While purchasing a large piece of land there, are a few questions that you should ask yourself. How do I want to use this property? Recreational purposes? Do I want to open a business on the property? Resell? Lease it out? Mineral rights? Farming reasons? There are many ways you can use a large portion of rural property. For each, it is important to know your legal options and requirements. Other key information that can make or break your decision is knowing what the property has access to. Such as water, internet, sewer, road access electricity, gas, telephone, drainage, fire department and police protection. Not all land have ideal environmental conditions. Air pollution and toxic dumps can cost you. If the land is not examined properly, you might end up dealing with sick animals that can then lead to medical care expenses and an increased rate of deaths. In farming, what kind of soil is on the land? Loam soils can make cultivating easier such as clay, sand and silt which are considered the best type of soil for farming. Not only will the appropriate soil help with growth of crops but also will produce food for cattle.

As a farmer, you may qualify for a tax exemption. Exemptions require practices of farming, ranching and/or timber production according to a state constitutional amendment called the Texas Open-Space Land Tax Appraisals Amendment (Proposition 11). You may ask yourself, do I qualify for an agricultural and timber exemption? If you have a valid agricultural and timber registration number or may have future within this business, we invite you to give us a call.

When you finally make the decision on your ideal property you want to make sure the contract reflects the type of land that you are going to purchase. To make sure you are legally protected according to the characteristics of your future property, contact our board-certified attorney to have the appropriate contract drafted for you. We welcome you to call us at 713-513-5566.

 

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