Collin County Personal Property Tax

All tangible personal property in Collin County, other than manufactured homes, that a person owns and which is not held or used for production of income is exempt from Collin County property taxes.

Tangible business personal property is taxable in the Collin County appraisal district. This includes equipment and inventory. Nontangibles (accounts receivable, goodwill, propriatary processes, etc.) are not taxable for purposes of Collin County property taxes.

April 15 is the primary deadline for filing a personal property rendition. Additional Collin County deadline information can be found at rendition deadline.

A person or business who owns tangible personal property used for the production of income located in the Collin County appraisal district that, in the owner's opinion, has an aggregate value of less than $20,000 can file a simplified rendition containing only:

The property owner's name and address

a general description of the property by type or category

the physical location of the property

A person or business who owns tangible personal property used for the production of income located in the appraisal district that has an aggregate value of $20,000 or more shall file a rendition statement containing:

The property owner's name and address

a general description of the property by type or category

the physical location of the property

if the property is inventory, a description of each type of inventory and a general estimate of the quantity of each type of inventory

the propery owner's good faith estimate of the market value of the property or, at the option of the property owner, the historical cost when new and the year of acquisition of the property.

If the owner provides a good faith estimate of the property's market value the Collin County appraisal district may request a statement of supporting information indicating how the property owner determined the value rendered. This detailed statement must be delivered within 21 days after the date the property owner receives the request.

A company that does not render will automatically pay a 10% penalty. There is a 50% penalty and criminal offenses for filing a fraudulent rendition.

Business owners with small amounts of personal property may want to consider whether the penalty for not rendering is incentive enough to render. The penalty for not rendering is 10% of your tax bill, which is your tax rate times the market value of your business personal property. The law clearly requires a business property owner to render. The decision whether to render depends upon the owner's specific circumstances including record keeping, the risks involved, and corporate culture.