There are two proposed bills before the Texas legislature that address changes to due dates and late filing penalties for barge owners. HB 1815 proposes to move the due date for allocation applications back to April 30th, which is consistent with when other exemption applications are due. SB 1013 proposes to amend the way penalties are calculated on late filed allocation and freeport exemptions.
As the leading industrial property tax consultant to the Inland Marine Transportation Industry, our clients are assessed in multiple states throughout the Inland Waterway System based on their percentage of miles traveled within that state.
The ‘word on the street’ is the barge industry has ticked up a bit in 2018. However, our initial review of available year-end data indicates the market is still suffering a lingering hangover due to continued industrywide excess capacity of both dry barges and tank barges. Combined with trade war and tariff concerns, industry consolidation, and historically low new build rates, the market is, at best, uncertain.
If reducing your Texas industrial property taxes in 2019 is a priority, it’s time to start looking at a tax strategy for the New Year. As 2019 gears up, here are some things you need to know.
Provide Property Tax Relief to Barge Owners
Boats and barges operating in Texas waters are subject to property taxation in accordance with the Texas property tax code.
The basis for determining assessed value is:
Fair market value of the vessel
“Protecting the Rights of Taxpayers since 1988”
What is TAPTP?
A well-known professional association that unites all involved in the aspects of property tax management within the state of Texas.
Why was TAPTP Founded?
Efforts Underway to Make the Property Tax System More Taxpayer-Friendly and Transparent
There is overriding concern in the state that there needs to be property tax reform. Texas taxpayers are demanding that their state legislators make changes as appraisals and tax rates continue to rise. Under the current system of property taxation, appraisals can increase up to ten percent per year for homesteads, but there is no cap on increases for other types of properties. Taxpayers want some relief.
Growing digital migration, multi-year double-digit declining print advertising revenue, eroding print circulation, and rising newsprint cost have many pundits questioning the survival
Armed with a degree from the University of Georgia and five years of experience working for an assessor’s office and a property tax appraisal contractor, in 1980 I jumped the fence to the other side (some would say the “dark side”) and went to work for a national property tax consulting firm in Dallas. My new boss informed me that my assigned area of responsibility was the “Highway 80 Route,” which meant everything from Fort Worth to Albuquerque, between the Red River and the Rio Grande.
Nearly 40 years ago, I was a rookie property tax consultant working for a major national property tax firm. Texas had no central appraisal districts in those days; county, city and school taxes were assessed separately. Back then, an old-time school district assessor took me under his wing and offered some sage advice that has been the foundation of my success over the years.
He said, “John, don’t ever come into my office and ask me to consider reducing an assessment unless you can prove your case to me in writing.”