The Business Personal Property Rendition
A personal property rendition is a form that provides information about property that you own. The appraisal district uses the information you provide to appraise your property for taxation. If you own a business, you are required by law to report (file a rendition) personal property that is used in that business to your county appraisal district. There are substantial penalties for failure to report or for falsification and tax evasion.
Who must render?
• Owners of Tangible Personal Property that is used for the production of income.
• Owners of Property on which an exemption has been cancelled or denied
• If you have been formally notified by the chief appraiser that you must render.
Property that must be rendered
Personal Property used for Business purposes or Property that you use to produce income must be rendered, unless the total value of all of the personal property is $500 or less. This includes furniture and fixtures, equipment, machinery, computers, inventory held for sale or rental, raw materials, finished goods, work in process, vehicles, aircraft, pipe stock, or vessels.
Rendition Filing Deadline
The last day to timely file your rendition is April 15.
If you mail the rendition, it must be postmarked on or before April 15.
If you hand deliver it or use a private delivery service such as Federal Express, it must be physically received at the appraisal district office before the close of there business on April 15.
There are two levels of penalties for failure to comply;
1. If you fail to file your rendition or explanatory statement before the deadline or you do not file it at all, the penalty is equal to 10% of the amount of taxes ultimately imposed on the property.
2. 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% of the taxes ultimately imposed on the property will be levied.
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