Tennessee Comptroller of the Treasury
Division of Property Assessments
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.
Some tangible personal property owners may take a credit against their business license for tangible personal property taxes paid in the county and city. You may not take a credit for special district taxes paid for tangible personal property.
You may contact your local county assessor for more information.