Forthosewhomaybeunsureofwhatcanbeclaimedasbusinesspersonalpropertyintermsof PropertyTaxesinHarrisCounty,itisanytangiblepersonalpropertythatisusedformaking money.Thistypeofbusinesspersonalpropertyismeanttobetaxableattheverysametaxrate asanyrealpropertyinTexas.Examplesofthistypeofpropertyincludecars,trucks,heavy equipment,officefurniture,officeequipmentandinventory
BUSINESSPERSONALPROPERTYANDTHELAW
AccordingtoTexaslaw,businessownersmustreportbusinesspersonalpropertytothe appraisaldistrictforproperassessmentandtaxation.Therearenotanycriminalpenaltiesfor thosewhochoosenottocomplybutthereisapenaltytopay…10%ofthetaxes.
Todemonstratethis,let’ssaythatyouhaveabusinesspersonalpropertyaccountthathasbeen assessedbytheHarrisCountyTaxAssessorfor$100,000.Now,yournormaltaxesforthis wouldbe$3,000goingbya3%taxrate.Ifyoufailtocomplywithreportingthisandyouare foundout,therewillbeanadditional10%addedtothetaxesthataredue.So,yourentiretaxes wouldnowbe$3,300.
Becausetherangeofassessedvalueforthistypeofbusinesspersonalpropertyishuge,it makesgettinglargereductionsinyourpropertytaxeshighlylikely.Itisn’tunheardofforthe rangeoftheassessedvalueforthesetypesofaccountsforvarioussimilarpropertiestohavea variationofupto5,000%.
Asanexample,therearetimeswhencomputersandfurniturefortwodifferentcompanies withinthesamebuildingcanvaryintheassessmentfrom$50to$1persquarefoot.Market valueandunequalappraisalarejusttwooftheoptionsthatyouhaveforappealing assessmentsforbusinesspersonalproperty.Becauseoftheinequityinherentinbusiness personalpropertytaxesaswellasthesubjectivityofvaluingsuchproperty,thepropertyowners haveagoodchanceforsuccesswhentheyareproperlypreparedforabusinesspersonal propertyassessmentappeal.Theycanappealboththeunequalappraisalandthemarketvalue.
HOWDOYOUAPPEAL?
Inordertoappealyourbusinesspersonalpropertytaxes,youcansendalettertotheARB (AppraisalReviewBoard)orusewhatisknownastheComptroller’sForm.Eitherofthesethings canbedonebeforeMay15oftheyearinquestion.Ifyoudecidetowritealettertotheappraisal reviewboardthenitshouldidentifythepropertyinquestionaswellasdelineatethereasonfor theappeal.
HELPFULHINTS
Theappraisaldistrictstafftendstobemoremotivatedtogetappealsresolvedthelaterinthe seasonitis.Forthatreason,itisoftenagoodideatowaitandfileyourappealorappealonor shortlybeforetheMay15thdeadline.
Theremaybetimeswhenyoudon’treceivethenoticeofassessedvaluewithregardstoyour businesspersonalpropertyaccount,Whetheryoureceiveanoticeornot,itisstillextremely importanttosendinawrittennoticeofappealorappealtotheHarrisCountyTaxOfficeorthe officeforyourappropriatedistrict.Iftheassessedvalueofthebusinesspersonalpropertydoes notchangemorethan$1,000,theappraisaldistrictisnotrequiredtosendyouanoticeof assessedvalue.Asidefromthat,ifthenoticeislostinthemailandthenyoudonotsendinan appealnotice,therighttoappealwillbelostforthecurrentyear Whenyoudosendinyournoticeofappeal,alsosendaHouseBill201request.Thisreferstoa sectionoftheTexasPropertyTaxCodewhichallowsforpropertyownerstogetacopyofany andallevidencethattheappraisaldistrictisplanningtouseatthehearingtwoweeksbefore thedateofthehearing.Thiskeepstheappraisaldistrictfromutilizinganydatathatwasn’t
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providedtotheownerofthepropertytwoweeksbeforethehearing.
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Therearemanyfirmsthatcantakethisandrunwithitforyou.Youdonothavetobeburdened withtheaddedstressofhandlingthisyourself.Onefirminparticular,O’ConnorandAssociates won69%oftheappealsforbusinesspropertytaxesin2009.Mostofthesefirmswillnotaskfor anythingupfronteithersoyoureallyhavenothingtolose…theyonlygetpaidiftheywinyour appeal.
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By:PatrickO'Connor|Postedon03/15/2019withcomments
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