Texas property tax form 50 246 2012-2025

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The document is a confidential Dealer's Motor Vehicle Inventory Tax Statement (Form 50-246) required for property tax reporting in Texas. It outlines the steps for property owners to report vehicle sales, including providing business information, details of each vehicle sold, and filing deadlines. The form must be submitted monthly to the county tax office and includes penalties for late filing or failure to file. It also provides instructions on calculating unit property tax based on sales prices and aggregate tax rates.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the name and address of the property owner, along with the contact information of the person completing the statement. Ensure all details are accurate for proper processing.
Provide information about your business, including the appraisal district account number if known. If not available, include the physical address where your inventory is located.
List each vehicle sold during the reporting month. Fill in details such as description, date of sale, model year, make, vehicle identification number (VIN), purchaser’s name, type of sale, sales price, and unit property tax.
On the last page, summarize total sales by category and ensure you sign and date the form. This step is crucial for compliance.

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Do I have to pay dealer inventory tax in Texas?

Overview. The Texas Property Tax Code requires that all licensed retail Dealers must file the original Monthly Inventory Tax Statement with the Harris County Tax Office along with the payment (if applicable) and a copy with the Harris Central Appraisal District.

At what age do you stop paying property taxes in Texas?

You are eligible for the over-65 exemption the year that you turn 65. You can apply at any time during that year, but if you file by April 30, the exemption can be processed in time for your property tax bill that year. Otherwise, the exemption will be applied retroactively.

How does inventory tax work in Texas?

Inventory tax is calculated by multiplying the assessed value with the tax rate of the county where the inventory is kept. In Texas, this rate is between 0.37 - 2.58%.

Do car dealers pay taxes on inventory?

Car dealerships do not pay tax on the vehicles on their lot. They dont pay taxes because they are a franchise, so it works much the same as when you buy items from a grocery store. Essentially, the tax is passed on to the customers like a sales tax.

What is a dealer inventory tax in Texas?

The VIT is a property tax assessed on the dealer, not the purchaser, and is a negotiable item on the sales agreement. Moreover, the VIT is not, by statute, a part of total consideration. Dealers may, however, separately list a reimbursement of the VIT on the sales agreement.

50 246

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How to avoid inventory tax?

5 tips to reduce inventory tax Liquidate slow-moving inventory. Store inventory in a state that does not have an inventory tax burden. Sell through inventory before the assessment date of your state where inventory resides. Improve demand forecasting to avoid overspending on inventory.

How to read property tax statement in Texas?

Your property tax bill includes the following important data: Property Information: This information comprises your propertys address, legal description, and appraisal district. Market Value: The most important factor is evaluating your propertys market value. It establishes the tax basis for your real estate.

Do you pay property taxes on market value or appraised value in Texas?

Property taxes are based on appraised value. In Texas, all taxable property must be appraised at 100% of the fair market value as of January 1 each year. Market value is the price that it would sell for under current market conditions.