Form 50-144 - Business Personal Property Rendition Of Taxable Property Page 4
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8P 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
Address Where Taxable: In some instances, personal
Secured Party: A person in whose favor a security inter-
property that is only temporarily at its current address may
est is created or provided for under a security agreement,
be taxable at another location (taxable situs). If you know
whether or not any obligation to be secured is outstanding;
that this is the case, please list the address where taxable.
a person that holds an agricultural lien; a consignor; a per-
son to which accounts, chattel paper, payment intangibles,
Consigned Goods: Personal property owned by another
or promissory notes have been sold; a trustee, indenture
person that you are selling by arrangement with that person.
trustee, agent, collateral agent, or other representative in
If you have consigned goods, report the name and address
whose favor a security interest or agricultural lien is created
of the owner in the appropriate blank.
or provided for; or a person that holds a security interest
arising under Sections 2.401, 2.505, 2.711(c), 2A.508(e),
Estimate of Quantity: For each type or category listed, the
4.210, or 5.118.
number of items, or other relevant measure of quantity (e.g.,
gallons, bushels, tons, pounds, board feet).
Security Interest: An interest in personal property or fix-
tures which secured payment or performance of an obliga-
Fiduciary: A person or institution who manages property for
tion. “Security interest” includes any interest of a consignor
another and who must exercise a standard of care in such
and a buyer of accounts, chattel paper, a payment intan-
management activity imposed by law or contract.
gible, or a promissory note in a transaction that is subject to
Good Faith Estimate of Market Value: Your best estimate
Chapter 9. “Security interest” does not include the special
of what the property would have sold for in U.S. dollars on
property interest of a buyer of goods on identification of
January 1 of the current tax year if it had been on the mar-
those goods to a contract for sale under Section 2.401, but
ket for a reasonable length of time and neither you nor the
a buyer may also acquire a “security interest” by complying
purchaser was forced to buy or sell. For inventory, it is the
with Chapter 9. Except as otherwise provided in Section
price for which the property would have sold as a unit to a
2.505, the right of a seller or lessor of goods under Chapter
purchaser who would continue the business.
2 or 2A to retain or acquire possession of the goods is not
a “security interest,” but a seller or lessor may also acquire
Historical Cost When New: What you paid for the property
a “security interest” by complying with Chapter 9. The reten-
when it was new, or if you bought the property used, what
tion or reservation of title by a seller of goods notwithstand-
the original buyer paid when it was new. If you bought the
ing shipment or delivery to the buyer under Section 2.401
property used, and do not know what the original buyer paid,
is limited in effect to a reservation of a “security interest.”
state what you paid with a note that you purchased it used.
Whether a transaction in the form of a lease creates a secu-
rity interest is determined pursuant to Section 1.203.
Inventory: Personal property that is held for sale to the
public by a commercial enterprise.
Type/Category: Functionally similar personal property
groups. Examples are: furniture, fixtures, machinery, equip-
Personal Property: Every kind of property that is not real
ment, vehicles, and supplies. Narrower groupings such as
property; generally, property that is movable without dam-
personal computers, milling equipment, freezer cases, and
age to itself or the associated real property.
forklifts should be used, if possible. A person is not required
to render for taxation personal property appraised under
Property Address: The physical address of the personal
Section 23.24.
property on January 1 of the current tax year. Normally, the
property is taxable by the taxing unit where the property is
Year Acquired: The year that you purchased the property.
located.
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Page 4 • 50-144 • 08-13/15
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