Form 50-265 - Dealer'S Heavy Equipment Inventory Declaration - 2009 Page 3
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3P r o p e r t y T a x
D e a l e r ’ s H e a v y E q u i p m e n t
I n v e n t o r y D e c l a r a t i o n
Form 50-265
Instructions for completing
Dealer’s Heavy Equipment Inventory Declaration
Filing deadlines: You must file this declaration not later than
Step 5: Breakdown of sales and sales amounts. Complete the
February 1 each year. If you were not in business for the entire year,
boxes on number of sales and sales amounts for the preceding
you must file this declaration not later than 30 days after starting
year. The top row of boxes is the number of units sold in each
your business. Be sure to keep a completed copy for your files and
category. The bottom row of boxes is the dollar amount sold in
a blank copy of the form for next year’s filing.
each category. The sales price of an item of heavy equipment is
the total amount of money paid or to be paid to a dealer for the
Filing places: You must file the original completed declaration with
purchase of an item of heavy equipment; for a lease or rental with
the county appraisal district’s chief appraiser. You must file a copy
the option to purchase, the sales is the total amount of the lease
of the original with the county tax assessor-collector.
or rental payments plus any final consideration, excluding interest.
The categories include:
Filing penalties: Failure to file this form is a misdemeanor offense
Heavy equipment inventory - sales of heavy equipment at retail.
punishable by a fine not to exceed $500. Each day that you fail to
Heavy equipment means self-propelled, self-powered or pull-
comply is a separate offense. In addition, a tax lien attaches to your
type equipment, including farm equipment or a diesel engine,
business personal property to secure the penalty’s payment. The
that weighs at least 3,000 pounds and is intended to be used for
district attorney, criminal district attorney or county attorney shall
agricultural, construction, industrial, maritime, mining or forestry
collect the penalty, with action in the county in which you maintain
uses. The term includes items of heavy equipment that are leased
your principal place of business or residence. You also will forfeit a
or rented but subject to a purchase option by the leasee or renter.
penalty of $1,000 for each month or part of a month in which this
A sale is considered to occur when possession of an item of heavy
declaration is not filed.
equipment is transferred from the dealer to the purchaser. The term
does not include an item of heavy equipment that is required to be
Review of records: The chief appraiser may examine your books
titled under Chapter 501 or registered under Chapter 502 of the
and records for (1) documents to determine if this declaration
Transportation Code.
applies to you and (2) sales records to check information on this
declaration. To examine your records, the chief appraiser must
Fleet sales - heavy equipment included in the sale of five or more
deliver personally a written request to your records’ custodian. You
items of heavy equipment from your inventory to the same buyer
have at least 15 days to respond to the request, or you may seek
within one calendar year.
court action for relief from complying with the request. Failure to
comply with the request is a misdemeanor punishable by a fine
Dealer sales - sales of heavy equipment to another dealer.
not to exceed $500. Each day that you fail to comply is a separate
violation.
Subsequent sales - dealer-financed sales of heavy equipment
that, at the time of sale, have dealer financing from your inventory
Step 1: Owner’s name and address. Give the corporate, sole
in this same calendar year. The first sale of an item of dealer-
proprietorship or partnership’s name, including mailing address
financed heavy equipment is reported as a heavy equipment
and telephone number of the actual business location as required
inventory sale, with sale of this same heavy equipment later in the
by the inventory declaration (not of the owner).
year classified as a subsequent sale.
Step 2: Required information about the business. Give the name
Net heavy equipment inventory - Heavy equipment inventory
of the business if different from the corporation or individual’s
less fleet sales, dealer sales and subsequent sales.
name. The address here is the actual physical location of the
business.
Step 6: Market value of your inventory. Enter the sales amount
in the net heavy equipment inventory breakdown (see Step 5, the
Step 3: Information about the business. Include your business’
first box in the second row) and divide by 12 to yield your market
account number from the appraisal district’s notice of appraised
value for this tax year. If you were not in business for the entire
value. Give the date your business opened if not in business
preceding year, the chief appraiser will determine your inventory’s
January 1 of this year.
market value based on the sales that you do report in Step 5.
Step 4: Ownership statement. Give the owner’s name.
Step 7: Sign the form. Sign and enter the date if you are the
person completing this declaration.
For more information, visit our Web site:
50-266 • 09-09/3 • Page 3
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