Showed up on tax statement? Also includes 2 additional section that were not taxed together on earlier statements? Also has stamped mineral / industrial? All new?
Minerals are taxed when there is a producing well. So you may have a new well that is associated with the other sections. As I understand it, the circuit breaker limitation is in Texas statutes for 2024, 2025 and 2026 which limits the increase in tax value to 20% for properties valued at less than $5,000,000. So if value increases by 25%, the tax value will only increase by 20% for that year. Can then go up by another 20% in the following year.
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