Texas is rather interesting. Texas has one of the highest business personal property tax rate in the nation (Texas defines "business personal property" as everything the business owns--equipment and inventory-- besides the real estate and buildings), but it only taxes on property real value totals over $20,000.
However, an annual "rendition" must be filed even if the tax will be zero. Failure to file a rendition results in a penalty of 10% of the tax amount, which, under $20,000, would be zero.
The instructions we get then, are:
Owners with small amounts of personal property may want to consider whether to pay the penalty for not rendering. The penalty is 10% of the tax bill, which is the tax rate multiplied by the market value of the personal property. The law clearly requires an income property owner to render. The decision whether to render depends upon the owner's specific circumstances including record keeping, the risks involved, and corporate culture.