Important Deadline of March 1 Applies
Verify the Renewal of Your Exemptions
This is the time each year when property tax exemptions must be renewed. If your organization owns property (either real estate or tangible personal property, such as furniture and equipment) which has been exempt from county property taxes, you must verify that the exemption has been renewed before March 1, 2014. You must do this for every county in which your organization owns property. This is especially important given the recent trend in denials of property tax exemptions by numerous counties’ property appraisers.
If the county property appraiser where your property is located does not renew your exemption automatically, you must file an exemption application before March 1 in order to obtain an exemption for the year 2014. For property exempt in a prior year, you should receive a notice from the county property appraiser indicating that the exemption is being automatically renewed. If you have not received such a notice, contact the property appraiser and confirm the renewal of the exemption by telephone. Also request the property appraiser to provide you with written confirmation of the exemption. Remember, this must be done well before March 1, in case you need to file an exemption application.
Have There Been Any Changes to the Use of Your Property?
If there have been any changes to the use of your property that might affect its exemption, you will need to notify the property appraiser of such changes. For example, if you were granted a partial exemption for property that is used partly by your organization and is partly rented out to for-profit tenants, you should determine if the exempt use percentage has changed and, if so, notify the property appraiser of the new exempt-use percentage.
Do You Own Property for Which You Have Not Previously Applied for Exemption?
If you own real property or tangible personal property (such as furniture and equipment) and have never applied for exemption (either because it is newly acquired or for some other reason), you must apply by March 1 for an exemption to be effective for this year. (Of course, you must also qualify for the exemption, which is a subject outside the scope of this communication.)
Have You Moved Furniture, Fixtures, or Equipment from One County to Another?
If you moved tangible personal property into a new county during 2013, you must apply by March 1 for an exemption in that county to be effective for 2014.
Let Us Know If We Can Help!
Contact the BMWL Team for any assistance you need in dealing with these issues. Please let us know by Friday, January 31, 2014 if you require assistance in addressing your exemptions.