Form 50-119 - Application For Private School Property Tax Exemption Page 2

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P r o p e r t y T a x

A p p l i c a t i o n f o r P r i v a t e S c h o o l P r o p e r t y T a x E x e m p t i o n

Form 50-119

Step 4: Answer these Questions About the School

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Does anyone other than the owner operate the school? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

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If yes, is the operator the former owner of the property? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

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Does the school maintain a regular faculty and curriculum? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

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Does the school have a regularly organized body of students? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

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Do classes normally meet at one of the buildings to be exempted? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

Step 5: Answer these Questions About the School’s Finances

In the past year has the organization loaned funds to, borrowed funds from, sold property to or bought property from a shareholder,

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director or member of the organization, or has a shareholder or member sold his interest in the organization for profit? . . . . . . . . . . . .Yes

If “YES,” attach a description of each transaction . For sales, give buyer, seller, price paid, value of the property sold and date of sale . For loans, give

lender, borrower, amount borrowed, interest rate and term of loan . Attach a copy of note, if any .

Does the organization operate in such a manner that does not result in the accrual of distributable profits, the distribution

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of profits or the realization of any other form of private gain? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

Step 6: Answer these Questions About the School’s Bylaws or Charter

Attach a copy of the charter, bylaws or other documents adopted by the school which govern its affairs, and answer the following questions.

1 . Does the school use its assets in performing its educational functions or the educational functions of another

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educational organization? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

2 . Do these documents direct that on the discontinuance of the school, the school’s assets are to be transferred to

the State of Texas, the United States, or to an educational, religious, charitable or other similar organization that is qualified

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for exemption under Section 501 (c)(3), Internal Revenue Code, as amended? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

If “YES” give the page and paragraph numbers:

Page

________

Paragraph

________

Step 7: Describe the Property for Which You are Seeking an Exemption

PROPERTY TO BE EXEMPT

• Attach one Schedule A (REAL PROPERTY) form for EACH parcel of real property to be exempt .

• Attach one Schedule B (PERSONAL PROPERTY) form listing ALL personal property to be exempt .

Step 8: Read, Sign, and Date

• By signing this application, you designate the property described in the attached Schedules A and B as the property against which the private

school exemption may be claimed in this appraisal district .