Bo Daffin, Collin County Appraisal District, Chief Appraiser announced:
RENDITON STATEMENTS: The April 15th deadline in Section 22.23(a) of the Texas Property Tax Code, for filing Renditions, is hereby automatically extended to May 15, 2020. The requirement under Section 22.23(b), to request the extension in writing, is hereby waived for the 2020 tax year.
Owners of personal property, used for the production of income, aka business personal property, are required to “render” property annually or face a 10% penalty.
Completing the Collin County Appraisal District form as requested is not a good idea. It will likely cause you to pay double the correct level of property taxes. I feel so strongly about this I wrote the book (What You Need To Know About Personal Property Valuation) listed below and available on Amazon.
For professional assistance in preparing your business personal property tax rendition, CLICK HERE
Will Covid-19 or $20 Oil Impact Collin County Property Taxes?
Short answer is NO. Collin County Appraisal District (CCAD) property values, for purposes of property taxes, will not consider Covid-19 or $20 oil prices, due to the January 1, 2020 valuation date.
Owners of business personal property are required to render annually. There is a 10% penalty, in addition to the property taxes, if you do not render. However, if you render, you will likely indicate a value MUCH higher than fair market value.
Be wary about rendering as requested on the Collin Appraisal District form; it will tend the generate a value TWICE the fair value, with the exception of inventory, which is much closer using the Collin Central Appraisal District Method.
For the authoritative book on Rendering Correctly and Protesting Personal Property Taxes: CLICK HERE
P.S. Business owners are warned not to complete the rendition form in the manner requested by the appraisal district. Doing so will roughly double your Business Personal Property (BPP) taxes. Details available via link: https://www.poconnor.com/8k-business-personal-property-evaluation
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