Year-end Property Tax Planning

With the end of the year rapidly approaching, property owners should consider available methods and procedures that might be implemented to potentially reduce the amount and liability for next year's property taxes.

January 1, 2004 is not only the date as of which the 2004 tax value of most property will be determined. It is also the date on which a tax lien will attach to property for taxes assessed in 2004, as well as the date on which personal liability for 2004 taxes will be determined.

Though limited, there are some actions (and inactions) that a property owner can take prior to January 1 in an effort to reduce the amount of taxes assessed next year and possibly eliminate personal liability for some taxes.

Read the article.

PROPERTY TAX TIP

Safe harbor rendition form available online

The Texas Comptroller has issued a model form for the 2003 rendition of business personal property under the safe harbor provisions of Senate Bill 340. The form is available on the Comptroller's website. Some individual appraisal districts have issued their own forms for use in filing the 2003 renditions. However, GPD recommends that taxpayers utilize the comptroller's version, as the officially promulgated form. A taxpayer must file a rendition prior to December 1 of this year in order to receive the benefit of the safe harbor.

Get the form.

Upcoming deadlines

November 30
Last day to file safe harbor personal property rendition form

December 31
Last day to pay taxes for 2003 IRS deduction

January 1
Tax lien date for 2004 taxes

January 31
Last day to file special inventory declaration

January 31
Last day to pay 2003 taxes before delinquency