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CHIEF'S APPRAISAL: New filing deadline for business property renditions - Odessa American: Chief's Appraisal

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CHIEF'S APPRAISAL: New filing deadline for business property renditions

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Posted: Sunday, March 4, 2018 5:30 am

Although there were few changes to the Texas Property Tax Code at the conclusion of the 85th legislative sessions last summer, there is one change affecting business owners. Here is what’s new for 2018, along with our annual reminder regarding reporting requirements for business owners.

Current Texas Property Tax laws require all businesses to pay property taxes based on the value of the assets used in the business to generate income. Those assets include inventory, furniture, fixtures, machinery, equipment, and vehicles. Business owners must provide the appraisal district with a listing of those assets each year. Your business should have received a Confidential Business Personal Property Rendition from the appraisal district. In previous years, the filing deadline was April 15. For Ector and other counties with taxing entities exempting freeport goods, the filing deadline is now April 1. If you haven’t received the form, please call us at 432-332-6834. You can also visit our website www.ectorcad.org and select Forms List under the Links section of the navigation bar, which directs you to the State Comptroller form 50-144. If you own multiple business locations, you will need to complete the rendition form for each location. Be sure to clearly identify the business name, the name and address of the owner, the situs address and the assets at each location.

Providing the business asset information means we can more accurately appraise your individual business. We realize that no one is more knowledgeable of your business assets than you and we strive to ensure that all property is appraised at market value. With detailed asset descriptions available to the appraisal staff, each business will be accurately and equally appraised. Sometimes it is difficult to determine whether your filing is based on your original cost at the date of acquisition or your good faith determination of value. If the method used in your value estimate isn’t clear or you choose to provide a good faith estimate, we may request additional information from you including documentation to support your value determination. This information must be provided within 21 days of the date you receive the request.

By timely filing, your business does not incur the 10 percent penalty for failure to render by the April 1 deadline. To encourage businesses to provide the information, the Texas Legislature enacted laws that require businesses to timely render their property or pay a penalty. The law also establishes more severe penalties of an additional 50 percent for fraudulent submissions.

Upon written request, the filing deadline will be extended to May 1st. This extension must be requested before the April 1st deadline. If you have any questions regarding filing, don’t hesitate to contact us. Your field appraiser will be happy to assist you. You should also contact our office if you opened, moved, or closed a business during 2017.

In future articles, I’ll be talking about other tax code changes relating to the 2018 protest period and your options for appraisal review board hearings. In the meantime, please call us if you have any concerns or questions regarding your rendition filing or any aspect of your rights or responsibilities as a taxpayer. We are dedicated to our local governmental entities and the citizens of Ector County, and we’re here to serve you.

Odessa, TX

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