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Hey all. Just got my ballot into vote on some propositions (I vote for Texas legislature) but I'm not sure what one of them really means.
I know what an ad valorem tax is, but I have no idea what it means by the "on the basis of it's productive capacity" part. Is this land that's devoted to water stewardship doing some kind of water processing or something? What is the tax currently based off of?
The constitutional amendment providing for the appraisal for ad valorem tax purposes of open space land devoted to water stewardship purposes on the basis of its productive capacity.
I know what an ad valorem tax is, but I have no idea what it means by the "on the basis of it's productive capacity" part. Is this land that's devoted to water stewardship doing some kind of water processing or something? What is the tax currently based off of?