Ad Valorem Tax Services:  Personal Property Taxes 

Personal property taxes are an area that many business owners, CFO's, or their comptrollers seem to overlook when compared to the large property tax liability that exists with business personal property.

This is due in-part because complying with personal property tax filing requirements are in most cases time-intensive, painstaking, and at the very least a costly accounting task.  Also, many accountants, owners, CFO's etc., do not know the various exemptions they may qualify for that will lower their taxable basis.

Personal Property Exemptions:

  • All tangible personal property not producing income.   (sec 11.14)
  • Income producing personal property having a value less than $500 (sec 11.145)
  • Farm products are exempt including poultry and livestock (sec 11.16)
  • Implements of farming and ranching (sec 11.161)
  • A person is entitled to an exemption from taxation of the appraised value of that portion of inventory or property  consisting of freeport goods-"Freeport Exemption" (sec 11.251)
  • Solar or Wind-Powered energy devices (sec 11.27)
  • Offshore drilling equipment not in use (sec 11.271)

J. L. Gross & Company offers these unique and effective services that will reduce client's property tax liability as well as effectively manage the entire personal property tax compliance process.

Personal Property Services Provided:

  • Electronic transfer of asset data
  • Market value analysis of personal property
  • Establish personal property depreciation schedule for each account
  • Meet all compliance and renderring dates as required by the appraisal district
  • Audit 'Personal Property Tax Statements'
  • Provide what our clients need, when they need it -- as always!