Most Texas appraisal districts have mailed out the 2011 Business Personal Property Renditions Forms for the 2011 Tax Year. Renditions must be received by April 15th to avoid a 10 percent penalty. A 30 day extension may be granted to May 15th if a written request is received on or before April 15th. Being that May 15th falls on a Sunday, that deadline will be extended to May 16th.
As per Section 22.01 of the Texas Property Tax Code, all tangible personal property used for the production of income that a person owns, or that a person manages and controls as a fiduciary as of January 1st, must be rendered for ad valorem taxation.
Additionally, it is not too late to submit your 2011 Business Statement of Assets Form (Forms 901) for Oklahoma. Personal Property Returns for Oklahoma are due tomorrow, March 15th, but returns may be submitted after the due date but prior to April 15th subject to a 10 percent penalty assessed to the valuation. Any return received after April 15th is subject to a 20 percent penalty. There is no statutory provision allowing for an extension.
Title 68, Section 2832 of the Oklahoma Statutes requires all businesses, corporations, partnerships and professionals to report all personal property each year to the County Assessor’s office. Failure to receive a Personal Property Tax Return Form does not relieve the taxpayer of the obligation to file. If a taxpayer feels the form is not applicable, the taxpayer is still required to file a return with an explanation as to why they feel they should not be assessed.