Amendments to the Texas Tax Code affecting the taxation of certain types of vehicles, vessels and outboard motors, heavy equipment, and manufactured housing held for sale or resale took effect January 1, 2000. The law provides generally that the January 1 market value of an inventory to which those provisions apply is the average of monthly sales for the preceding year. You are required to file an annual declaration of your prior sales with the appraisal district before February 1. Additionally, by the 10th day of each month during the year, you must file monthly statements with the appraisal district and submit the statement and monthly tax prepayments to the county assessor-collector. Substantial civil and criminal penalties are provided in the law for failure to file the required declarations and statements timely.
For additional information, please contact the Smith County Appraisal District's office at (903) 510-8600, or the Smith County Tax Assessor Collector's Office at (903) 535-0820.