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    Home » Sec. 36-169. Assessment of Vehicles, Machinery, Tools, and Other Tangible Personal Property Used or Held in Connection with Any Mining, Manufacturing, or Other Business, Trade, Occupation or Profession.

    Sec. 36-169. Assessment of Vehicles, Machinery, Tools, and Other Tangible Personal Property Used or Held in Connection with Any Mining, Manufacturing, or Other Business, Trade, Occupation or Profession.

     

    Sec. 36-169. Assessment of vehicles, machinery, tools, and other tangible personal property used or held in connection with any mining, manufacturing, or other business, trade, occupation or profession.
     
    (a) In assessing the value of automotive vehicles, the commissioner of the revenue shall use the values listed in some recognized publication dealing with the market value of such automotive vehicles as of January first of the current year.
     
    (b) In assessing the value of machinery, tools, and other tangible personal property (except automotive vehicles which are to be assessed as set out in paragraph (a) above) used or held in connection with any mining, manufacturing, or other business, trade, occupation or profession, the commissioner of the revenue shall be, and he is, hereby authorized and directed to require each person making a return on such machinery, tools, or other tangible personal property to make return under oath of the original book cost (before depreciation) of all such machinery, tools, and other tangible personal property listed on the person's books on the first day of January of each year in which the assessment is made, as well as the original book cost (before depreciation) of all machinery, tools, and other tangible personal property used or held in connection with any such mining, manufacturing, or other business, trade, occupation or profession, but not listed on the person's books on the aforesaid date by reason of having been fully depreciated; such information to be used as a basis of assessment, which shall be at the fair market value of such machinery, tools, and other tangible personal property. In the event original book cost figures are not available, the person making such return shall make a bona fide effort to estimate the same; provided, however, that in any case in which the commissioner of the revenue has reason to believe that any return made on any such machinery, tools, and other tangible personal property by any person is inadequate, the said commissioner of the revenue shall, in addition to such other powers as he may have, be authorized to examine, or cause to be examined, any and all books and records of the person making such return, and may also require the attendance at his office of the person making such return and examine such person under oath concerning the same.
     
    (c) Definition: The term "original book cost" whenever used in this section shall be construed to mean the invoice price at the time of purchase, plus all freight and handling charges, plus all installation costs. (Tax Code 1941, § 123; Ord. of 12-12-49)
     
    Last updated date: 10/23/2006 4:15:21 PM