Free Dealer's Vessel, Trailer and Outboard Motor Inventory Tax Statement / Confidential - Texas

50-260 (Rev. 12-99/4) [23.125-Rule 9.4035]

See back of form for instructions.
MONTH & YEAR

DEALER'S VESSEL, TRAILER AND OUTBOARD MOTOR INVENTORY TAX STATEMENT/CONFIDENTIAL
Send original with payment to: County Tax Office name and address

Page __________ of pages _________
Phone (area code & number)

Send copy to: Appraisal District name and address

Phone (area code & number)

Step 1: Owner's name and address

Owner's name

Owner's phone (area code & number)

Current mailing address (number and street)

Step 2: Information about the business

Give appraisal district account number if available or attach tax bill or copy of appraisal or tax office correspondence concerning your account. If unavailable, give the street address at which the property is located.
Name of each business

City, town or post office, state, ZIP code Account number Person completing statement Title Inventory location (number, street, city, state, ZIP code + 4)

Step 3: Provide the following information about each vessel, trailer or outboard motor sold during the reporting month (continue on additional sheets as needed).

Description of Vessel, Trailer or Outboard Motor Sold Date of Sale Model Year Make Identification Number Purchaser's Name

Type of Sales Unit Property Sale 1 Price 2 Tax 3 (See back of page for footnotes.)

Total for this page only

Your dealer and manufacturer's number

Unit property tax factor ____________________
Provide these totals on last page only.

Total Unit Property Tax this month 4

_____________________________________

Step 4: Total Sales

Breakdown of sales (number of units sold) for this month
Net vessel, trailer & outboard motor inventory Fleet Sales Dealer Sales Subsequent Sales

Breakdown of sales amounts for this month
Net vessel, trailer & outboard motor inventory Fleet Sales $ $ Dealer Sales $ Subsequent Sales $

Step 5: Sign and date the statement on last page only

sign here

Signature

Date

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 Texas Penal Code Section 37.10.

50-260 (Rev. 12-99/4)(Back) [23.125-Rule 9.4035]

Instructions for Dealer's Vessel, Trailer and Outboard Motor Inventory Tax Statement

If you are an owner of an inventory subject to Sec. 23.124, Tax Code, you must file this dealer's vessel, trailer and outboard motor inventory tax statement as required by Sec. 23.125. Filing deadlines: You must file this statement on or before the 10th day of each month. If you were not in business for the entire year, you must file this statement each month after your business opens, but you do not include any tax payment until the beginning of the next calendar year. However, if your dealership was the purchaser of an existing dealership and you have a written contract with the prior owner to pay the current year vessel, trailer and outboard motor inventory taxes owed, then you must notify the chief appraiser and the county tax assessor-collector of this contract and continue to pay the monthly tax payment. Be sure to keep a completed copy of the statement for your files and a blank copy for each month's filing. Filing places: You must file the original completed statement with your monthly tax payment with the county tax assessor-collector. You must file a copy of the original statement with the county appraisal district's chief appraiser. The addresses and phone numbers for both offices are at the top of the form. Filing penalties: Late filing incurs a penalty of 5 percent of the amount due. If the amount is not paid within 10 days after the due date, the penalty increases for an additional penalty of 5 percent of the amount due. Failure to file this form is a misdemeanor offense punishable by a fine not to exceed $100. Each day that you fail to comply is a separate offense. In addition, a tax lien attaches to your business personal property to secure the penalty's payment. The district attorney, criminal district attorney or county attorney shall collect the penalty, with action in the county in which you maintain your principal place of business or residence. You also will forfeit a penalty of $500 for each month or part of a month in which this statement is not filed after it is due. Annual property tax bill: You will receive a separate tax bill(s) for your vessel, trailer and outboard motor inventory for each taxing unit that taxes your property, usually in October. The county tax assessor-collector also will receive a copy of the tax bill(s) and will pay each taxing unit from your escrow account. If your escrow account is not sufficient to pay the taxes owed, the county tax assessor-collector will send you a tax receipt for the partial payment and a tax bill for the amount of the deficiency. You must send to the county tax assessor-collector the balance of total tax owed. You may not withdraw funds from your escrow account. Step 1: Owner's name and address. Give the corporate, sole proprietorship or partnership's name, including mailing address and telephone number of the actual business location as required by the inventory tax statement (not of the owner). Step 2: Information about the business. Give the address of the actual physical location of the business. Include your business' name and the account number from the appraisal district's notices. Step 3: Information on each vessel, trailer or outboard motor sold during the reporting month. Complete the information on each vessel, trailer and outboard motor sold, including the date of sale, model year, model make, identification number, purchaser's name, type of sale, sales price and unit property tax. The footnotes include:
1

Type of Sale: Place one of the following codes by each sale reported: VTM - vessel, trailer and outboard motor inventory - sales of vessels, trailers and outboard motors. A vessel has the meaning in Sec. 31.003, Parks and Wildlife Code, and does not include those more than 65 feet in length (excluding sheer) and canoes, kayaks, punts, rowboats, rubber rafts or other vessels under 14 feet in length when paddled, poled, oared or windblown. An outboard motor has the meaning in Section 31.003, Parks and Wildlife Code. A vessel also includes a trailer designed to carry a vessel and is a trailer or semi-trailer defined by Transportation Code Section 501.002. Only this type of sale has a unit property tax (see below). FL - fleet sales -vessels, trailers and outboard motors included in the sale of five or more vessels, trailers or outboard motors from your inventory to the same buyer within one calendar year. DL - dealer sales - sales of vessels, trailers or outboard motors to another dealer. SS - subsequent sales - dealer-financed sales of vessels, trailers and outboard motors that, at the time of sale, have dealer financing from your vessel, trailer and outboard motor inventory in this same calendar year. The first sale of a dealer-financed vessel, trailer or outboard motor is reported as a vessel, trailer or outboard motor inventory sale, with sale of this same vessel, trailer or outboard motor later in the year classified as a subsequent sale. 2 Sales Price: The price as set forth on the Application for Texas Certificate of Number/Title, for Boat/Seller, Donor or Trader's Affidavit for a vessel or the Application for Texas Certificate of Title for an Outboard Motor/Seller, Donor or Trader's Affidavit for an outboard motor, or the Application for Texas Certificate of Title, or the price that would appear if those forms were used. 3 Unit Property Tax: To compute, multiply the sales price by the unit property tax factor. For fleet, dealer and subsequent sales that are not included in the net vessel, trailer and outboard motor inventory, the unit property tax is $-0-. The unit property tax factor is the aggregate tax rate divided by 12 and then by $100. Calculate your aggregate tax rate by adding the property tax rates for all taxing units in which the inventory is located. Use the property tax rates for the year preceding the year in which the vessel, trailer or outboard motor is sold. If the county aggregate tax rate is expressed in dollars per $100 of valuation, divide by $100 and then divide by 12. Dividing the aggregate rate by 12 yields a monthly tax rate and by $100 to a rate per $1 of sales price.
4

Total Unit Property Tax for This Month: Enter only on last page of monthly statement.

Step 4: Total sales. Provide totals on last page of statement of the number of units and the sales amounts for vessels, trailers and outboard motors sold in each category. Step 5: Sign the form. Sign and enter the date if you are the person completing this statement.