If you have been looking for Texas ranches for sale instead of looking in other states, you have the right idea in mind. Not only is Texas well known for the quality land available, but it also offers very favorable tax exemptions for ranch owners. This will end up saving you lots of money, even if you have to invest a bit more at the start to purchase a ranch in Texas. We have the tax exemption listed below.
- Wildlife Tax Exemption: Any Texas ranch for sale can show that it meets this tax exemption if it can prove that it meets at least three of the states criteria for wildlife tax exemption. This includes: if you offer food to wildlife, if you offer water to wildlife, if you provide a count of wildlife, if you provide shelter to wildlife, if you control predators, if you control habitat, or if you control erosion. Just three of these can get you the tax exemption you want.
- Senior Tax Exemption: Anyone who owns a ranch and is over 65 can qualify for this tax exemption as long as they live on the property. This tax exemption also carries over to relatives who live on the ranch when the owner dies, as long as they are at least 55 years of age.
- Homestead Residence Exemption: This applies to people who live on a ranch and do not have any other residence. You have to keep in mind, however, that you may not have any other residence, even if it is outside of Texas.
- ATV and Other Farm Equipment Tax Exemption: ATVs are a great way to get around a ranch and now they can even save you money, since they can be exempted from taxes. You will have to prove that it is used for farming and other agricultural processes in order to receive the tax exemption, but it can end up saving you lots of money in the long run apart from making it easier to get around the property.
- Conservation Tax Exemption: This tax exemption is offered to people who are showing that they are helping conserve land. You will have to show that you have taken measures to improve the soil quality or to have your land graded. If you have constructed drains, ditches, or ponds, this can also be considered an exemption. If you have drained wetlands, however, you are not included in the conservation tax exemption, so it is important to keep that in mind.
In Texas, the way to get any of these tax exemptions is to fill out the appropriate tax forms. This requires you to read up on tax documentation for the state to understand just how the process works. You should also consider speaking with an expert in taxes, like a lawyer or an accountant, in order to have the best chance at getting the exemptions. If you are searching for Texas ranches for sale, a company like Ranchland/ Mason & Moorse can be the perfect way to get started.