Texas Property Tax Consultant Practice Exam

What is required for a rendition of tangible business personal property if the owner's opinion of value is less than $20,000?

1. A complete appraisal must be filed

2. A simple declaration of ownership is sufficient

3. Only the location of the property must be provided

4. A detailed description of all property must be submitted

The correct answer is: A simple declaration of ownership is sufficient

When an owner's opinion of value regarding tangible business personal property is less than $20,000, the requirements for filing a rendition are simplified significantly. In such cases, a simple declaration of ownership is adequate. This reduced requirement aligns with the intent to lessen the administrative burden on small businesses, acknowledging that the stakes involved in property appraisals for properties valued under this threshold do not warrant the comprehensive documentation typically associated with higher-valued assets. By allowing for just a declaration of ownership, the property owner can easily report their property holdings without engaging in complex valuation processes. This is especially beneficial for smaller enterprises that may lack the resources to gather detailed appraisals or descriptions of their property. Other options necessitate more extensive documentation, which would not be required at this valuation level. Thus, the requirement for a straightforward declaration supports efficiency for both the tax administration and property owners with relatively modest property holdings.