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Personal Property Rendition for Business: What You Should Know

  • 12 January 2016
  • Author: Cari Holbrook
  • Number of views: 3061
Personal Property Rendition for Business:  What You Should Know

In Texas, as well as many other states throughout the U.S., business owners are required by law to report personal property that is used for business to their county tax appraisal district. The requirement is called a Business Personal Property rendition and it includes tangible personal property used to produce income or for other business purposes.

This tax is in addition to other real estate taxes but is administered by the same local tax appraisal board and tax collector. The value each county assigns to the tangible property is required to be fair market value, which is often different from either book value or the federal tax depreciation schedule. 

The basic rules in Texas are:

  • The rendition must be filed by April 15, 2016, for all applicable property held as of January 1.
  • The rule applies when total value of the personal property is more than $500.
  • It includes furniture and fixtures, equipment, machinery, computers, inventory held for sale or rent, raw materials, finished goods, and work-in-process.
  • Intangible personal property doesn’t apply, including cash, accounts receivable, goodwill, custom computer software, and other similar items.
  • Exemptions apply to religious or charitable organizations and may apply to property including certain vehicles.
  • Abbreviated renditions may be available. In Texas, taxpayers may file an abbreviated rendition when there are no changes to the prior-year rendition.
  • Outside Texas, you should check with your local appraisal district to confirm the rules for your area.

Penalties for failing to file a rendition or to provide an explanatory statement before the deadline can be steep. In Texas, the penalty is equal to 10 percent of the amount of taxes ultimately imposed on the property. If a court determines that you have committed fraud or done other acts with the intent of evading taxes on the property, a penalty equal to 50 percent of the taxes ultimately imposed on the property will be levied. The penalty will be a separate line item on your tax bill.

More information regarding business personal property rendition for Texas business owners can be found here. For additional questions or to find out what rendition requirements and penalties exist in your area, contact us.

Image Copyright: iriana88w / 123RF Stock Photo

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