Legal Assistance For Commercial Property Tax Disputes
In Texas, any tangible personal property that produces income is subject to a personal property tax. These taxes are imposed by local governments rather than the state and depend on the overall value of the property. Typically referred to as business personal property, items such as furniture, inventories, and equipment are all included. If you own any qualifying property, you must file a rendition to determine its value. Failure to do so can result in penalties, which is why obtaining legal representation is highly advantageous.
I have been a Houston business lawyer for over 35 years and am intimately familiar with the complexities associated with business personal property tax. Whatever the value of your property, I can help you preserve your rights and avoid negative backlash from local authorities.
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Protect Your Property With Attorney Patricia M. Davis
At approximately the end of the first quarter of each year, any person or business that owns tangible personal property valued over $500 must submit a rendition to the appraisal district. Composed of various details about your property, the appraiser then uses this information to determine how much you will be taxed. For items valued at over a certain amount, you must also submit either a good faith opinion of the market value of the property or the original cost and date of acquisition of the property.
Rendition reports should include all of the following:
- The property owner’s name and address
- A description of the property by type or category
- The physical location of the property
- A description of each type of inventory & a general estimate of the inventory quantity
If the rendering is not filed on time or not filed at all, penalties can be enforced. Even greater penalties can apply if the taxing authority concludes that fraud was committed.
Each year, Texas business owners find themselves facing complications related to business personal property taxes. Whether local governments file lawsuits against the owners or threaten to seize their property, the results can be devastating. The sooner you secure a business attorney, the better your chances of a favorable outcome.
I can assist you with every aspect of your case and provide the comprehensive legal counsel you need. Contact my Houston firm today at 713-936-9553!