Texas Property Tax Consultant Practice Exam

What is the reporting requirement for a rendition of tangible business personal property valued at less than $20,000?

1. A detailed appraisal report must be submitted

2. Only the name and address of the property owner is required

3. A general description of the property and the property's physical location is sufficient

4. A tax assessment must be included

The correct answer is: A general description of the property and the property's physical location is sufficient

For tangible business personal property valued at less than $20,000, the reporting requirement is a general description of the property and the property's physical location. This aspect is significant as it streamlines the process for property owners who hold less valuable assets, allowing them to provide just enough information for tax assessment purposes without the burden of a detailed appraisal or excessive documentation. This requirement helps ensure that property owners can comply with tax reporting while recognizing that lower-valued property does not necessitate extensive scrutiny. Therefore, a simple description and the location suffice to inform the taxing authorities about the asset's existence and relevance for taxation without overcomplicating the process for those with smaller holdings. Such provisions are often designed to promote compliance among small business owners and encourage accurate reporting without imposing unreasonable demands on their resources.