New Law Requires Amending Comptroller Rule
During the 78th Regular Session, Senate Bill (S.B.) 1646 addressed several property tax issues for timberland, which became effective January 1, 2004. The bill specifically changed timber appraisal methodology and the capitalization rate used to determine timber productivity value.
As a result, the Comptroller is in the process of revising the Manual for the Appraisal of Timberland, which must be adopted by Comptroller rule. Both the rule and manual require the approval of a committee consisting of the Governor, the Comptroller, the Attorney General, the Commissioner of Agriculture and the Commissioner of the General Land Office, or their designees, before adoption.
The Comptroller’s office will post Rule 9.4011, Appraisal of Timberlands, for amendment in the Texas Register in late January or early February. The Web address for the proposed rule is http://www.sos.state.tx.us/texreg/sos/PROPOSED/34.PUBLIC%20FINANCE.html#745. Following the 30-day public comment period, the Comptroller’s office will send the final amended rule and manual to the 5-member committee for final approval.
For any questions about S.B. 1646 or changes to the timber manual or for an electronic version, please contact the Comptroller’s Property Tax Division by e-mail at firstname.lastname@example.org or by calling 1-800-252-9121. In Austin, call (512)305-9999.