Leased vehicles such as passenger cars or light trucks (with a shipping weight under 9,000 pounds) are exempt from property taxes if they are used more than 50% for personal, non-income-producing activities. This includes everyday use such as commuting, family travel, and personal errands. However, this exemption applies only to lease agreements entered into on or after January 2, 2001. Vehicles leased before this date may still be subject to taxation. Additionally, certain cities that passed ordinances before January 1, 2002, may continue to tax personal-use leased vehicles.
To qualify for the exemption, the lessee must submit a Lessee’s Affidavit of Primarily Non-Income Producing Vehicle Use to the leasing company. This affidavit confirms that the vehicle is primarily used for personal purposes. Once submitted, the leasing company is responsible for filing a Lessor’s Application for Personal Use Lease Automobile Exemption with the county appraisal district where the vehicle is located. This application must be filed before April 30 each year. Failure to file on time will result in the vehicle being taxed for that year. Even though leased vehicles may qualify for exemption, property taxes on other assets can still be significant. That’s why many Texas property owners choose professional assistance to ensure they are not overpaying.
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