COLLINCENTRALAPPRAISALDISTRICT
FREEPORT EXEMPTION APPLICATION INFORMATION
Enclosed is the current tax year’s Freeport Exemption Application. Under Section 11.43 of the Texas
Property Tax Code, a person must file an exemption application form between January 1 and April 30
and furnish the information required by the form each year the person claims entitlement to the
exemption.
This exemption applies to items in your inventory that (1) are or will be forwarded out of Texas within
175 days of the date you acquire them or bring them into Texas; (2) are in Texas for assembling,
storing, manufacturing, repair, maintenance, processing, or fabricating purposes. The exemption does
not apply to oil, natural gas, or liquids or gases that are immediate derivatives of refining oil or natural
gas.
To avoid delays in processing the application, please include copies of all original records used to
complete the application. This includes: financial statements (year ending income statements, balance
sheets, and trial balance sheets for the previous calendar year); inventory controls; any other internally
prepared reports denoting the source of the information. Summarizations will be accepted only with
original supporting documentation. All reports should pertain to this business location in Collin
County only. Below is a list of the requested information:
1. Total Cost of Goods Sold or transported during the preceding calendar year (as shown on the
year ending income statement).
2. Total Cost of Goods Sold or transported out of Texas during the preceding calendar year
(summarized by state and/or country).
3. Monthly ending inventory value at cost for each calendar month of the preceding calendar year
(Monthly Inventory Control Report).
4. Inventory value at cost on January 1 of this year (or September 1 of last year, if applicable).
Inventory is to be reported on a
FIFO basis.
5. Year ending income statement and balance sheet.
The enclosed affidavit should ac
c
ompany a
ll docum
ents and must be
signed
by an owner
or
officer
of
the company.
The exemption application will not be approved if the property owner fails to submit the
required information. If the required information is not received in a timely manner, the property
owner may be subject to a late penalty or forfeit the right to claim or receive the exemption for
this year. Your cooperation in providing these documents with the exemption application will
help expedite the application process.
Note: The rendition extension does not apply to the Freeport Exemption application.
Should you have any questions, please contact Brad Richards, BPP Appraisal Director, at (469)
742-9340 or by email at brad.richards@cadcollin.org.
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