Form 50-245 - Application For Exemption For Cotton Stored In A Warehouse 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 E x e m p t i o n f o r C o t t o n S t o r e d i n a Wa r e h o u s e

Form 50-245

Step 3: Describe the Warehouse (continued)

If the warehouse is used to store items other than cotton, state the other uses and give the percentage of the warehouse that is used for each other use.

(Use additional sheets if necessary)

Non-Cotton Storage Use

Percentage Devoted to Use

Step 4: Answer these Questions About the Property for Which You are Seeking an Exemption



Have you applied for appraisal of your inventory on September 1? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes



Was all of this cotton transported out of the state this year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

If no, what portion will not be transported out of the state this year within 175 days of the date you acquired it or brought it into Texas?

________________



Was all of the cotton transported out of this state throughout last year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

If “NO,” give the months during which portions of the cotton were transported out of the state last year .

____________________________________________

1 . Give the total cost of cotton sold for the entire year ending December 31, _______*

_____________________________________

* Year preceding year of application

2 . Give the total cost of cotton sold that was shipped out of Texas within 175 days of the date you acquired it or

brought it into Texas last year, less the cost of any goods, raw materials or supplies incorporated into it that were

not eligible for the freeport exemption or were in Texas more than 175 days .

____________________________________

3 . On what types of records do you base the amounts given above? (Check as many as apply.)



Audited financial statements

Sales records

Internal reports



Bills of lading

Texas franchise tax reports

Other (specify):

_______________________________________________

4 . Percentage of last year’s cotton value represented by freeport goods (divide 2 by 1) .

________________________________________________________

Will the percentage of cotton transported out of Texas this year be significantly different than the percentage



transported out last year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Yes

6 . If “YES,” why?

________________________________________________________________________________________________________________________

__________________________________________________________________________________

7 . What was the market value of the cotton on January 1 of this year (or September 1 of last year,

if you have qualified for September 1 inventory appraisal)?

___________________________________

8 . What is the value of cotton you claim will be exempt this year?

___________________________________

Step 6: Read, Sign, and Date

By signing this application, you certify that the information provided in this application is true and correct to the best of your knowledge and belief.

____________________________________________________________________

____________________________

Authorized signature

Date

____________________________________________________________________

____________________________

On Behalf of (name of property owner)

Title

If you make a false statement on this application, you could be found guilty of a Class A misdemeanor or a state jail felony under Section 37.10,

Penal Code.

For more information, visit our Web site:

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