Ag Valuation
Agricultural Land Can Be Taxed at a Much Lower Rate
Farm and ranch land in Lubbock County can be taxed on what it produces, not what it would sell for, which often cuts the tax bill sharply.
Texas law lets qualifying farm or ranch land be taxed on its productivity — how much income it can produce — instead of its sale price. This is called a 1-D-1 or open-space appraisal. For cotton fields and ranchland in Lubbock County, the gap between market value and productivity value is often very large. That means a big drop in your tax bill.
To qualify, the land must generally have been used for agriculture for at least five of the past seven years. Wildlife management can also qualify if the land was already approved for ag valuation. You must apply through the Lubbock Central Appraisal District before the April 30 deadline. Check with the CAD for current rules and required forms.
Source to confirm: Texas Comptroller — Agricultural and Timber Use Special Appraisal