The following is the mandatory notice to be placed in bold-faced type in a contract for the sale and purchase of vacant land pursuant to Tex. Prop. Code § 5.010. This notice requirement does not apply to certain sellers or buyers, Tex. Prop. Code § 5.010(b), (c), or if the contract contains a separate paragraph providing for the payment of any additional ad valorem taxes and interest that become due as a penalty because of the transfer of the property or a subsequent change in use of the property. Tex. Prop. Code § 5.010(d). If the seller fails to include this notice in the contract, the purchaser is entitled to recover from the seller an amount equal to the amount of any additional taxes and interest incurred as a penalty because of the transfer of the land or a subsequent change in use of the land that occurs before the fifth anniversary of the date of the transfer. Tex. Prop. Code § 5.010(e).
NOTICE REGARDING POSSIBLE LIABILITY FOR ADDITIONAL TAXES
If for the current ad valorem tax year the taxable value of the land that is the subject of this contract is determined by a special appraisal method that allows for appraisal of the land at less than its market value, the person to whom the land is transferred may not be allowed to qualify the land for that special appraisal in a subsequent tax year and the land may then be appraised at its full market value. In addition, the transfer of the land or a subsequent change in the use of the land may result in the imposition of an additional tax plus interest as a penalty for the transfer or the change in the use of the land. The taxable value of the land and the applicable method of appraisal for the current tax year is public information and may be obtained from the tax appraisal district established for the county in which the land is located.