Tax & Accounting Blog

Newly Effective Reports and Exemptions in Texas

Blog, ONESOURCE, ONESOURCE Property Tax July 1, 2013

Texas — Unclaimed Property Reports

The next unclaimed property report is due July 1, 2013. Form 53-119 (Holder Report and Payment Form) is no longer mailed out; however, holders can generate the form using reporting software or the online express system. Holders using other reporting systems and paying by check should print the form. Updated manual, reporting software, and the express system can be found on the Unclaimed Property webpage at No payment extensions are allowed.

Texas — New Exemption For Energy Storage Systems

Beginning in the 2014 tax year, energy storage systems, defined as systems that store energy to be used at a later time, are exempt from property tax. These systems must be used for the control of air pollution in a nonattainment area and can include chemical, mechanical or thermal devices.

Texas — Exemption for Private Schools

Certain nonprofit private schools are exempted from the additional tax for property that no longer qualifies for special reduced appraisal changes related to agricultural/wildlife management.