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RICK » Topics » Texas Property Code Section 5.010 Notice

This excerpt taken from the RICK 8-K filed May 14, 2008.
Texas Property Code Section 5.010 Notice.

NOTICE REGARDING POSSIBLE
LIABILITY FOR ADDITIONAL TAXES

If for the current ad valorem tax year the taxable value of the land that is the subject of this Agreement is determined by a special appraisal method that allows for appraisal of the land at less than its market value, the person to whom the land is transferred may not be allowed to qualify the land for that special appraisal in a subsequent tax year and the land may then be appraised at its full market value.  In addition, the transfer of the land or a subsequent change in the use of the land may result in the imposition of an additional tax plus interest as a penalty for the transfer or the change in the use of the land.  The taxable value of the land and the applicable method of appraisal for the current tax year is public information and may be obtained from the tax appraisal district established for the county in which the land is located.

ARTICLE VIII
TERMINATION, DEFAULT AND REMEDIES

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