Business Personal Property Tax
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Did you know that Texas Appraisal Districts commit 3 major mistakes in valuing your BPP?
Our recent survey shows that many businesses are paying 2 to 5 times the correct amount of the Business Personal Property Tax. And in almost every case it’s due to the 3 major mistakes.
Using Inaccurate Depreciation Tables
Appraisal districts use a physical-life depreciation schedule that grossly over-values personal property. For example, district tables would value a one-year-old chair at 86 to 90% of its original cost. Hence, a $300 chair would be valued at $252 to $270, when its true value is likely $20 to $50.
Taxing on Intangible Personal Property
ONLY tangible personal property (items you can see, touch, feel, and move) is taxable in Texas. If you have a $2,000,000 phone system, the total cost includes Tangible (plastic, metal, and silicone) and Intangible (service agreements, software, and trade secrets) property. Districts encourage property owners to render the TOTAL cost, which is not correct.
Encouraging Property Owners To Include Inappropriate Costs
Incorporating freight, setup costs, and specialized buildings to house equipment, while included in depreciation tables (appropriate for the IRS), is dead wrong for personal property taxation. Since O’Connor has a 25 year-plus history in appraising BPP and commercial real estate, it has developed a proprietary set of valuation tables to address the 3 major mistakes noted above. The tables vary depending upon the type of property.
Get a free copy of
“What You Need To Know About Personal Property Valuation”,
the only book written on BPP Valuation
With 25 years experience in appraising property and having completed over 25,000 appraisals, we understand the frustration you’re feeling. We know how you feel.
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