Rural land can be one of the most complex assets to manage. There are so many things to consider: property taxes, liability protection, resource management, and passing your land on to the next generation. However, there are a few basic actions that every landowner should take to ensure that they are taking full advantage of their rights under Texas law. (Click on any of the tips listed below to navigate to their full blog page, explaining each in more depth.)
Owners of rural land in Texas:
3. Should claim all their homestead rights, if they live on their land.
4. Should have a thoughtful plan for leaving rural land to heirs.
5. Should assess and secure their oil, gas, and water rights.
6. Should fight for a fair price and reasonable limits if their land is condemned.
7. Should remove all possible exceptions to their title and title insurance policy.
8. Should use written hunting and grazing leases specifically drafted for their land.
9. Should maintain the lowest possible property tax rates on their land.
10. Should know there is no minimum acreage for open space valuations, except subdivisions.
Starting this February, David Braun will be writing a blog a month to explain in depth each of these top 10 tips for the owner of rural land in Texas. Through this exercise, we hope to help owners of Texas rural land better understand the extent of their rights, and even discover some new ways to protect and preserve their land for generations to come.