Agricultural Valuation
Farmland in Floyd County may qualify for a lower ag tax valuation
Land used for farming or ranching in Floyd County can be taxed on its productive value rather than its market value, which usually results in a much lower tax bill.
Texas law lets farmland be taxed on what it can produce, not what it would sell for. This is called a 1-d-1 valuation. It usually means a much lower tax bill. Floyd County grows cotton and wheat and runs cattle, so many rural parcels here qualify.
To get this lower rate, you apply with the Floyd County Appraisal District. The land must have been used for farming for at least five of the past seven years. If you stop farming, the appraisal district can charge back taxes for up to three prior years. That charge is called a rollback tax. It can be a big surprise if you are not ready for it. If you are buying rural land or thinking about changing how you use it, ask the appraisal district about the current ag valuation status before you close. The Texas Comptroller's ag valuation page explains the rules in plain detail.
Source to confirm: Texas Comptroller — Agricultural and Timber Exemptions