What is a Confidential Business Personal Property Rendition?
This is a statement listing anything that is not real property used to generate income. All businesses are required by state law to file this rendition.
What is business personal property?
Business personal property includes, but is not limited to, furniture, fixtures, equipment, (office and shop), tools, machinery, computers, copiers, motor vehicles, aircraft, inventory held for sale on consignment, raw materials, goods in process, finished goods and/or those awaiting sale or distribution. Please note: If you use your own personal tools, machinery, equipment, vehicles or any other item, gadget or thing to produce a product or provide a service and receive income, those items are included in the appraisal assessment.
When do you file the rendition and what is the deadline?
After January 1st and not later than April 15th of each tax year, if the deadline falls on a Saturday or Sunday it is postponed until the next business day.
Am I required to file a business personal property rendition form?
Yes. State law requires that all business owners file a business personal property rendition annually. If you fail to timely file a rendition or other property report required by Texas law, the chief appraiser must impose a penalty in an amount equal to ten percent (10%) of the total taxes due on the property for the current year.
Is my business taxable if I operate it from my home?
Yes. All business assets, regardless of location, are taxable.
I own my own tools and equipment, but use them in my business. Are these items taxable?
Yes. All furniture, fixtures, equipment, (office and shop), tools, machinery, computers, copiers, motor vehicles, aircraft, inventory held for sale on consignment, raw materials, goods in process, finished goods and/or those awaiting sale or distribution that are used to produce income are taxable whether you make a profit or not.
If all my business personal property has already been depreciated out according to Federal Income Tax laws, is my business still taxable?
Yes. If your business personal property is still in use and used to generate income, your business personal property is taxable.