Form 50-260 - Dealer'S Vessel And Outboard Motor Inventory Tax Statement Page 3
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3P r o p e r t y T a x
D e a l e r ’ s V e s s e l a n d O u t b o a r d M o t o r I n v e n t o r y T a x S t a t e m e n t
Form 50-260
Instructions
Type of Sale: Place one of the following codes by each sale
If you are an owner of an inventory subject to Sec. 23.124, Tax
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Code, you must file this dealer’s vessel, trailer and outboard motor
reported:
inventory tax statement as required by Sec. 23.125.
VTM – vessel, trailer and outboard motor inventory –
Filing deadlines: You must file this statement on or before the
sales of vessels, trailers and outboard motors. A vessel has
10th day of each month regardless of whether a vessel and
the meaning in Sec. 31.003, Parks and Wildlife Code, and
outboard motor is sold. If you were not in business for the entire
does not include those more than 65 feet in length (excluding
year, you must file this statement each month after your business
sheer) and canoes, kayaks, punts, rowboats, rubber rafts or
opens, but you do not include any tax payment until the begin-
other vessels under 14 feet in length when paddled, poled,
ning of the next calendar year. However, if your dealership was
oared or windblown. An outboard motor has the meaning
the purchaser of an existing dealership and you have a written
in Section 31.003, Parks and Wildlife Code. A vessel also
contract with the prior owner to pay the current year vessel, trailer
includes a trailer designed to carry a vessel and is a trailer or
and outboard motor inventory taxes owed, then you must notify
semi-trailer defined by Transportation Code Section 501.002.
the chief appraiser and the county tax assessor-collector of this
Only this type of sale has a unit property tax (see below).
contract and continue to pay the monthly tax payment. Be sure to
FL – fleet sales – vessels, trailers and outboard motors
keep a completed copy of the statement for your files and a blank
included in the sale of five or more vessels, trailers or out-
copy for each month’s filing.
board motors from your inventory to the same buyer within
Filing places: You must file the original completed statement with
one calendar year.
your monthly tax payment with the county tax assessor-collector.
DL – dealer sales – sales of vessels, trailers or outboard
You must file a copy of the original statement with the county
motors to another dealer.
appraisal district’s chief appraiser.
SS – subsequent sales – dealer-financed sales of vessels,
Filing penalties: Late filing incurs a penalty of 5 percent of the
trailers and outboard motors that, at the time of sale, have
amount due. If the amount is not paid within 10 days after the due
dealer financing from your vessel, trailer and outboard motor
date, the penalty increases for an additional penalty of 5 percent of
inventory in this same calendar year. The first sale of a dealer-
the amount due. Failure to file this form is a misdemeanor offense
financed vessel, trailer or outboard motor is reported as a
punishable by a fine not to exceed $100. Each day that you fail to
vessel, trailer or outboard motor inventory sale, with sale of
comply is a separate offense. In addition, a tax lien attaches to
this same vessel, trailer or outboard motor later in the year
your business personal property to secure the penalty’s payment.
classified as a subsequent sale.
The district attorney, criminal district attorney or county attorney
Sales Price: The price as set forth on the Application for
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shall collect the penalty, with action in the county in which you
Texas Certificate of Number/Title, for Boat/Seller, Donor or
maintain your principal place of business or residence. You also
Trader’s Affidavit for a vessel or the Application for Texas Cer-
will forfeit a penalty of $500 for each month or part of a month in
tificate of Title for an Outboard Motor/Seller, Donor or Trader’s
which this statement is not filed after it is due.
Affidavit for an outboard motor, or the Application for Texas
Annual property tax bill: You will receive a separate tax bill(s) for
Certificate of Title, or the price that would appear if those
your vessel, trailer and outboard motor inventory for each taxing
forms were used.
unit that taxes your property, usually in October. The county tax
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Unit Property Tax: To compute, multiply the sales price by
assessor-collector also will receive a copy of the tax bill(s) and
the unit property tax factor. For fleet, dealer and subsequent
will pay each taxing unit from your escrow account. If your escrow
sales that are not included in the net vessel, trailer and out-
account is not sufficient to pay the taxes owed, the county tax
board motor inventory, the unit property tax is $-0-. The unit
assessor-collector will send you a tax receipt for the partial pay-
property tax factor is the aggregate tax rate divided by 12 and
ment and a tax bill for the amount of the deficiency. You must send
then by $100. Calculate your aggregate tax rate by adding the
to the county tax assessor-collector the balance of total tax owed.
property tax rates for all taxing units in which the inventory is
You may not withdraw funds from your escrow account.
located. Use the property tax rates for the year preceding the
Step 1: Property owner’s name and address. Give the corpo-
year in which the vessel, trailer or outboard motor is sold. If the
rate, sole proprietorship or partnership’s name, including mailing
county aggregate tax rate is expressed in dollars per $100 of
address and telephone number of the actual business location as
valuation, divide by $100 and then divide by 12. Dividing the
required by the inventory tax statement (not of the owner).
aggregate rate by 12 yields a monthly tax rate and by $100 to
Step 2: Information about the business. Give the address of
a rate per $1 of sales price.
the actual physical location of the business. Include your business’
Total Unit Property Tax for This Month: Enter only on last
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name and the account number from the appraisal district’s notices.
page of monthly statement.
Step 3: Information on each vessel, trailer or outboard motor
Step 4: Total sales. Provide totals on last page of statement of
sold during the reporting month. Complete the information on
the number of units and the sales amounts for vessels, trailers and
each vessel, trailer and outboard motor sold, including the date of
outboard motors sold in each category.
sale, model year, model make, identification number, purchaser’s
Step 5: Sign the form. Sign and enter the date if you are the per-
name, type of sale, sales price and unit property tax. The footnotes
son completing this statement.
include:
For more information, visit our website:
50-260 • 09-11/8 • Page 3
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