Yes. Penalties are assessed based on Texas Property Tax Code 23.122 (o) (n).
23.122 (o) An owner who fails to remit unit property taxes due as required by this section shall pay a penalty of 5% of the amount due. If the amount is not paid within 10 days after the due date, the owner shall pay an additional penalty of 5% of the amount due.
23.122 (n) In addition to other penalties provided by law, a dealer who fails to file or fails to timely file a statement as required by this section shall forfeit a penalty. A tax lien attaches to the dealer's business personal property to secure payment of the penalty. A penalty forfeited under this subsection is $500 for each month or part of a month in which a statement is not filed or timely filed after it is due.
Please note: The Williamson County Tax Collector, the collector's designated agent, or the county or district attorney shall enforce the terms of subsection 23.122 (o)(n).