Form 50-144 - Business Personal Property Rendition Of Taxable Property Page 3
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7P r o p e r t y T a x
B u s i n e s s P e r s o n a l P r o p e r t y R e n d i t i o n o f T a x a b l e P r o p e r t y
Form 50-144
Definitions
Personal Property: Every kind of property that is not real
Good Faith Estimate of Market Value: Your best estimate
property; generally, property that is movable without dam-
of what the property would have sold for in U.S. dollars on
age to itself or the associated real property.
January 1 of the current tax year if it had been on the mar-
ket for a reasonable length of time and neither you nor the
purchaser was forced to buy or sell. For inventory, it is the
Inventory: Personal property that is held for sale to the
price for which the property would have sold as a unit to a
public by a commercial enterprise.
purchaser who would continue the business.
Type/Category: Functionally similar personal property
Historical Cost When New: What you paid for the property
groups. Examples are: furniture, fixtures, machinery, equip-
when it was new, or if you bought the property used, what
ment, vehicles, and supplies. Narrower groupings such as
the original buyer paid when it was new. If you bought the
personal computers, milling equipment, freezer cases, and
property used, and do not know what the original buyer paid,
forklifts should be used, if possible. A person is not required
state what you paid with a note that you purchased it used.
to render for taxation personal property appraised under
section 23.24.
Year Acquired: The year that you purchased the property.
Estimate of Quantity: For each type or category listed, the
number of items, or other relevant measure of quantity (e.g.,
Consigned Goods: Personal property owned by another
gallons, bushels, tons, pounds, board feet).
person that you are selling by arrangement with that person.
If you have consigned goods, report the name and address
of the owner in the appropriate blank.
Property Address: The physical address of the personal
property on January 1 of the current tax year. Normally, the
property is taxable by the taxing unit where the property is
Fiduciary: A person or institution who manages property for
located.
another and who must exercise a standard of care in such
management activity imposed by law or contract.
Address Where Taxable: In some instances, personal
property that is only temporarily at its current address may
be taxable at another location (taxable situs). If you know
that this is the case, please list the address where taxable.
For more information, visit our website:
50-144 • 03-12/10 • Page 3
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Parent category: Financial