O-2007-3023 - Laserfiche WebLink

Browse Search

8O(R) HE 621 - Enrolled version - Bill Text http://www.capitol.state.tx.us/tlodocs/80R/billtext/htmL .. ( D) does not include oil, natural gas, petroleum products, aircraft, dealer's motor vehicle inventory, dealer's vessel and outboard motor inventory, dealer's heavy equipment inventory, or retail manufactured housing inventory. (3) "Location" means a physical address. (4) "Petroleum product" means a liquid or gaseous material that is an immediate derivative of the refining of oil or natural gas. (b) A person is entitled to an exemption from taxation of the appraised value of that portion of the person's property that consists of goods-in-transit. (c) The exemption provided by Subsection (b) lS subtracted from the market value of the property determined under Section 23.01 or 23.12, as applicable, to determine the taxable value of the property. (d) Except as provided by Subsections (f) and (g) , the chief appraiser shall determine the appraised value of goods-in-transit under this subsection. The chief appraiser shall determine the percentage of the market value of tangible personal property owned by the property owner and used for the production of income in the preceding calendar year that was contributed by goods-in-transit. For the first year in which the exemption applies to a taxing unit, the chief appraiser shall determine that percentage as if the exemption applied in the preceding year. The chief appraiser shall apply that percentage to the market value of the property owner's tangible personal property used for the production of income for the current year to determine the appraised value of goods-in-transit for the current year. (e) In determining the market value of goods-in-transit 2of9 7/3120079:09 M