(o) An owner who fails to remit unit property taxes due is required by this section shall pay a penalty of five percent of the amount due. A penalty forfeited under this subsection is $500 for each month or part of a month in which a statement is not filed or timely filed after it is due. Venue of an action brought under this subsection is in the county in which the violation occurred or the county in which the owner maintains the owner's principal place of business or residence. (n) In addition to other penalties provided by law, a dealer who fails to file or fails to timely file a statement as required by this section shall forfeit a penalty. A tax lien attaches to the dealer's business personal property to secure payment of the penalty. The appropriate district attorney, criminal district attorney, county attorney, collector, or person designated by the collector shall collect the penalty established by this section in the name of the collector. Late Payment and Late Statement Penalties: Special Inventory Frequently Asked Questions Special Inventory Tax Forms can be found on the Texas Comptroller's Special Inventory website.Īll forms must be mailed to both the Collin County Tax Office and the Central Appraisal District at:Ĭollin County Tax Office SIT Department 2300 Bloomdale Roade, Suite 2324 McKinney, TX 75070-8046 County Central Appraisal District 250 Eldorado Parkway McKinney, TX 75069 If you do not sell a vehicle during the month, you must file a Tax Statement indicating no sales. Send a copy of the form to the County Appraisal District. Report Sales Using the Dealer's Motor Vehicle Inventory Tax Statement (50-246): - File 12 Statements per year - File each month by the 10th of the following month - File with the County Tax Office, including a check for prepayment of taxes.
Report and Pay Dealer's Special Inventory Taxes:įile a Dealer's Motor Vehicle Inventory Declaration (50-244): - File one Declaration per year - File each January, between January 1 and 31 - File with the County Appraisal District and send a copy to the County Tax Office Dealers must file these forms with their local Appraisal District and the Collin County Tax Office: Texas law requires that a dealer's inventory is appraised on the total sales of vehicles in the prior year. Dealers must file a Dealer's Motor Vehicle Inventory Declaration listing the total value of the inventory sold in the prior year. Also, the dealer must file a monthly form called the Dealer's Motor Vehicle Inventory Tax Statement listing the vehicles sold and prepay their property taxes for each vehicle.