Texas Property Tax Code 22.01 requires businesses to file Business Personal Property Tax Returns for all tangible personal property used for the production of income that is owned as of January 1 each year. Many people still neglect and/or fail to render timely by the April 1st deadline. In either case, a 10% penalty is added to your tax bill if this requirement is not met. The Woodlands Property Tax Group helps businesses meet filing deadlines and identify the best filing strategy for Business Personal Property.