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Larry Lippincott, Tax Assessor-Collector
Parker County, Texas
V.I.T. Tax
Changes to the Texas Tax Code affecting the taxation of certain types of vehicles, vessels and outboard motors held for sale or resale took effect January 1, 1996. This outlines certain responsibilities you will have if the law applies to you.
In summary, the law applies (with certain exceptions) to: (1) inventories of automobiles, trucks, motorcycles, recreational vehicles, boat trailers or travel trailers held by a person who holds a General Distinguishing Number issued by the Texas Department of Transportation; and (2) inventories of certain vessels and outboard motors held by a person who holds a Dealer's and Manufacturer Number issued by the Texas Parks & Wildlife Department.
The law provides generally that the market value of such an inventory on January 1 is the average of monthly sales for the preceding year. You are required to file an annual declaration of your prior year sales with the Tax Assessor Collector's office before February 1. Additionally, by the 10th day of each month during the year, you must file monthly statements with the Tax Assessor Collector's office and submit the statement and monthly tax prepayments to the county assessor and collector of taxes. Substantial civil and criminal penalties are provided in the law for failure to file the required declarations and statements timely.
Both the annual declarations and monthly reports must be filed on forms prescribed by the State Comptroller of Public Accounts. Copies are a available at no charge from the Tax Assessor Collector's office.
For additional information, please contact Parker County Appraisal District at (817) 596-0077, or the Parker County Tax Assessor and Collector's Office at (817) 598-6139.