How is my dealership(s) value determined?

In most cases, a dealer's value is determined by the dealership itself. Each dealership is required to file an Annual Declaration with the appraisal district, and a copy to the tax office, in the county where the dealer is physically located. The Annual Declaration is a summary of the previous year's sales divided by 12. The end value is applied to the current year multiplied by the current year's tax rate to generate a bill. If an Annual Declaration is not filed, the appraisal district will use best practices to determine the current year's value.

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1. When is my Annual Declaration due?
2. How is my dealership(s) value determined?
3. Will I be notified of my current year’s value? What if I do not agree with the current year’s value?
4. Who do I need to notify if my mailing address is different from the dealer physical location?
5. I have been issued a dealer number but have not started the business. Am I required to file the Monthly Statements / Declaration?
6. Do I need to notify someone if my dealership is closing or moving?
7. Why is it necessary to inform county and agencies of moved businesses or closed businesses?
8. If I move during the year, will my tax factor change?
9. How is my dealership(s) VIT rate calculated?
10. When is each monthly statement and/or payment due?
11. Why do I have to file monthly forms each month if I don’t have any sales or own inventory?
12. Are penalties assessed for filing monthly statements after the due date?
13. If I sell an inventory item out of county or out of state, do I still need to pay the Vehicle Inventory Tax (VIT)?
14. If all sales are dealer to dealer, do I have to file? Is there an exception?
15. Can I opt-out of reporting monthly with an active license?
16. Can my dealership send a computer listing of sales?
17. Will my dealership’s VIT tax rate change from year to year? Why?
18. I paid into escrow on each sale during the year. Why would I owe more taxes after the 12 months of reporting/paying?
19. Do I need to pay Vehicle Inventory Tax (VIT) on dealer-to-dealer, fleet, or subsequent sales?
20. Do I need to collect Vehicle Inventory Tax (VIT) if my business begins after January 1? When should I start collecting/paying the VIT?