Form 50-242 Application for Charitable Organizations Improving Property for Low-Income Housing Property Tax Exemption - Texas

What Is Form 50-242?

This is a legal form that was released by the Texas Comptroller of Public Accounts - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 50-242?
A: Form 50-242 is an application for property tax exemption for charitable organizations improving property for low-income housing in Texas.

Q: Who is eligible to use Form 50-242?
A: Charitable organizations that are improving property for low-income housing in Texas are eligible to use Form 50-242.

Q: What is the purpose of Form 50-242?
A: The purpose of Form 50-242 is to apply for a property tax exemption for charitable organizations improving property for low-income housing in Texas.

Q: What information is required on Form 50-242?
A: Form 50-242 requires information about the charitable organization, the property being improved, and the low-income housing being provided.

Q: Are there any fees associated with filing Form 50-242?
A: There are no fees associated with filing Form 50-242.

Q: What is the deadline for filing Form 50-242?
A: The deadline for filing Form 50-242 is April 30th of the tax year for which the exemption is sought.

Q: How long does it take to process Form 50-242?
A: The processing time for Form 50-242 can vary, but it generally takes a few weeks to a few months.

Q: What happens after Form 50-242 is approved?
A: After Form 50-242 is approved, the charitable organization will be granted a property tax exemption for the low-income housing property in Texas.

Q: Can I appeal if my Form 50-242 is denied?
A: Yes, you can appeal if your Form 50-242 is denied. You will need to follow the appeals process outlined by the Texas Comptroller of Public Accounts.