TX HB3424

Changes the filing and payment schedule for dealer's heavy equipment inventory property taxes from monthly to quarterly, with statements and deposits due by the 20th day of the month following each calendar quarter

Requires tax collectors to provide written notice by December 15 each year to dealers of the unit property tax factor for the following tax year for each location where heavy equipment inventory is located

Simplifies the quarterly tax statement requirements by requiring only aggregate amounts for sales prices and lease/rental payments, plus total unit property tax assigned, rather than item-by-item details

Removes the requirement for dealers to file copies of statements with the chief appraiser, while requiring dealers to retain complete records documenting equipment dispositions for at least four years

Allows a person who acquires a dealer's business or assets to use the same unit property tax factor as the original owner when paying current year taxes under a contractual agreement

Takes effect January 1, 2026, and applies only to ad valorem taxes for tax years beginning on or after that date