Property Tax Dispute Lawyer

Property Tax Attorney Houston

Local governments in Texas impose property taxes on any tangible personal property that produces income. The overall value of the personal property producing income is what determines the amount paid in taxes. Some personal property or business personal property that can be taxed includes equipment, items, and inventories.  Business personal property can include:

  • Laptops and desktops
  • Electronics such as tablets and smartphones
  • Desks, tables, chairs and other furniture
  • Rugs, curtains and other furnishings
  • Office supplies such as calculators and pens
  • Excavators, forklifts and other heavy equipment
  • Printers  and other items used by your business

An experienced property tax dispute lawyer can help you with any cases involving personal property taxes. 

Business Personal Property Rendition

Property Tax Dispute LawyerYou or your business must submit a rendition to the appraisal district every year for any tangible property valued over $500 that you or your business owns. But you should be careful about over assessing the value of your property because you may end up paying more than you should. Once you have presented your rendition report, the appraiser will use the information to determine how much you will be taxed. You must include a description of the property by type and category, and a description of the inventory and the quantity of the inventory in the rendition report. 

 Add your name, your address, and physical location of the property in the report. Make sure the rendition report is filed at approximately the end of the first quarter of each year to avoid penalties. Owners that do not file an annual rendition must pay a 10 percent penalty. Another complication is that the person or business that has not filed the rendition has the burden of proof during ARB hearings. There are currently no criminal penalties for not filing renditions, but you can face criminal penalties for filing a fraudulent rendition.

Market Value Of Business Personal Property

Market value is defined as the price at which your personal property would transfer for cash or the equivalent of cash under the current market conditions. However, appraisal districts focus more on the depreciation schedules when calculating the market value of BPP. To avoid overestimating the value of business personal property you can do the following:

  • Research about the tangible personal property on the internet
  • Hire an appraiser 
  • Contact used equipment dealers
  • Talk to friendly competitors
  • Buy manuals that show used equipment prices

Make sure you consider the condition of the item when you are valuing inventory. Items can rapidly decrease in value because of physical damage, shrinkage, and functional obsolescence. Getting an accurate market value for your business personal property ensures that you will receive adequate compensation if you experience a covered loss. This will make it easier for you to replace all the business personal property that were lost, stolen, or damaged. You should talk to a property tax dispute lawyer to help you with any disputes related to business personal property taxes. A property tax dispute lawyer familiar with the complexities of business personal property tax can help you preserve your rights and avoid tax disputes with local authorities.

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