Water Right Information updated!

Some great information was provided at our general Bandera County Board of Realtor meeting May 10, 2011 by a Local Attorney (Cynthia Payne) that keeps us local Realtor’s on top of water rights! Mrs Payne provided us a short update on what is going on on the state level. Her information is always appreciated.

Here are a few items she brought to our attention and I researched some links with more information. Hope this of interest!

1) Bill 332. The Word “VESTED” has been put onto the floor to be added to the “interest” of ground water. Please read more here from our State Senator Troy Fraser:  http://www.fraser.senate.state.tx.us/pr11/p011211a.htm

2) Right for Exemption of wells that is fore domestic and personal water use if you have more than 10 acres.  More information can be found http://www.tgpc.state.tx.us/FAQs.htm

3) H.B. No. 1086 – Water control /Improvement in Bandera County.  http://tx.opengovernment.org/sessions/82/bills/hb-1086

4) Proposed “water Stewardship” as a exemption to reduce property tax: http://tx.opengovernment.org/sessions/82/bills/sb-449

5) Edwards Aquifer vs Day – No verdict yet, but expect one after the Legislator is out. At least that is what we expect.  Here is the Supreme Court website for more details  http://www.supreme.courts.state.tx.us/ebriefs/files/20080964.htm
or/and  http://docketdb.com/public/docket/08-0964

6) and one last wow..Texas Researchers to Study Fracking of Shale Gas – Is is safe for our ground water?? How will they control this and how will this impact our aquifers.. I don’t have a good gut feeling about it!.

University of Texas at Austin officials say the school will study the environmental impact of natural gas drilling and whether existing regulation properly oversees a key process that pumps chemical-laced water into subterranean rock.

Drillers make rocks known as shale formations more permeable though a method called hydraulic fracturing that allows the gas to flow out. The process has been used for decades, but now companies are “fracking” while also drilling horizontally, a tactic that only became economically viable about 10 years ago.

The http://www.mywesttexas.com/business/oil/article_a9575228-7a64-11e0-883c-001cc4c002e0.html

 

Defering Capital Gain Tax via 1031

Here at our local  Bandera County Board of Realtors we had a fantastic class on how a 1031 Exchange works.  There are sooo many options that if one is to find themselves in a capital gain’s situation, I would highly recommend talking with a reputable 1031 exchange Intermediary. WOW  is what I say.. I am not qualified to provide on details but here is the basic information.

You have 180 days to close/fund on a similar  (Price/value – not only type  IE: sell a ranch to buy commercial, sell commercial to buy ranch, home for home, rental for home (s) etc..  full details available) property that you will sell. BUT you have to have it identified in 45 days.

So before you plan on selling your property and if you will be paying Capital Gains tax, PLEASE let me know so we can start looking long before your property is sold.

Craig Brown from IPX1031  was the speaker at our session and here is his website:  http://www.ipx1031.com

Craig Brown, Esq.
Vice President
Regional Manager

e-mail

craig.brown@ipx1031.com

Cellular

(817) 271-1031