Form 50 244 2011-2025

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The document is a Dealer's Motor Vehicle Inventory Declaration Form (50-244) required for motor vehicle dealers in Texas to declare their inventory for property tax purposes. It outlines filing instructions, deadlines, penalties for non-compliance, and provides details on how to calculate the market value of the inventory. Dealers must file this declaration with both the appraisal district and county tax office by February 1 each year, or within 30 days of starting business if not operational on January 1.

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Versions	Form popularity	Fillable & printable
2017	4.8 Satisfied (87 Votes)
2015	4.4 Satisfied (472 Votes)
2013	4.2 Satisfied (42 Votes)
2011	4.2 Satisfied (74 Votes)
1999	4.3 Satisfied (48 Votes)

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Does Texas charge inventory tax?

Texas is one of only nine states that taxes businesses on their inventory. The tax applies to anything used in the production of income, including inventory, furniture, machinery, supplies, and more regardless of whether a business nets a profit.

Who is responsible for sales tax buyer or seller in Texas?

In Texas, sales tax is collected on the sale, lease, or rental of tangible goods and some services. The tax is collected by the seller and remitted to state and local tax authorities. The seller acts as a de facto tax collector. However, how does a seller know when they are required to collect sales tax in Texas?

Who pays inventory tax?

Inventory tax is a taxpayer active tax. That the taxpayer (business owner) must calculate it. Business owners can count and value unsold inventory based on one of the three accepted valuation methods: cost, retail, or lower of cost or retail.

Who pays the vehicle 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.

What is special inventory tax in Texas?

Texas law provides for the special appraisal of dealers inventory including heavy equipment, motor vehicles, vessels and outboard motors and manufactured housing retailers. Special inventory appraisal is generally based on sales.