Personal Property

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Tangible Personal Property Form Download

Tangible Personal Property is filed by "(a) All partnerships, corporations,   other business associations not issuing stock and individuals operating for   profit as a business or profession, including manufacturers, except those whose   property is entirely assessable by the comptroller of the treasury" per   Tennessee Code Annotated (TCA) 67-5-903. The ten groups, and the leasing and   nonstandard sections of the tangible personal property schedule and the   depreciation for these groups are shown in TCA 67-5-903. The property owner   should report the cost of acquiring the property on the line for the year in   which the property was bought. The cost includes but is not limited to shipping,   insurance to ship, sales tax, and any other cost to get the property on site and   operational.

The tangible personal property schedules are mailed by February 1 by the   county assessor to each business operating in the county. The schedules are to   be completed and returned by the business owner or the business owner’s   representative by March 1 to the county assessor. If the business owner does not   receive a schedule (s)he should call the local assessor’s office for a schedule.   All businesses that do not return a schedule will be force assessed by the   county assessor’s office.

If the business owner files a schedule and determines later that an error   occurred on the schedule, the business owner will have until September 1 the   following year to amend the schedule. Forced assessments do not have the right of amendment.

Each May the property owner who has a forced assessment and those whose   assessments changed in value will receive an assessment change notice. This   value should be thirty percent of the depreciated value filed on the schedule in   March. If you do not agree with this value you may appeal to the county board   that meets the first Monday in June. The tax bills generated from the   assessments will be mailed each fall.