“Renditions” of Texas personal property used in a business are due April 1, 2019.
Texas law requires that owners of personal property used in a business must annually “render” those assets. The act of “rendering” is essentially certifying to the relevant appraisal district certain information about the ownership and value of the personal property used in the business. The appraisal district uses the information provided on the rendition form to appraise the personal property for tax purposes.
Texas personal property renditions to county appraisal districts are due April 1, 2019. Thirty-day extensions are automatically granted, but the extension request must be submitted before the original filing deadline.
If a taxpayers’ personal property has sustained damage by storm, flood or fire, a special decreased value report needs to be filed with the applicable county office, along with the rendition. This decreased value report (Form 50-127) must both indicate and support a reduction in the property’s value. The condition of property needs to be considered as of January 1.
Failure to file the decreased value report will likely preclude the owner from obtaining a reduction in the value of the property. Accordingly, taxpayers need to evaluate filing a decreased value report if their personal property has been damaged since the last rendition was filed.
For more information, contact a KPMG State and Local Tax professional:
Reuben Talaiver | +1 (214) 840-2214 | firstname.lastname@example.org
Brian Heard | +1 (713) 319-2968 | email@example.com
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