Tangible Personal Property

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 is required to report the total acquisition cost for each asset for the year the property was new (typically the year made). Per State Board of Equalization (SBOE) Rule 0600-05-.01(15), total acquisition cost is defined as the full acquisition cost new of personal property and includes freight, installation, set-up, and sales tax. For property purchased as used, if the cost new or year the property was new is not known and cannot reasonably be determined, you may report the actual acquisition cost to you for the year you acquired the property.

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 assigned a forced assessment by the county assessor's office.

If the business owner timely files (on or before March 1) 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. The assessment value will be thirty percent of the forced assessment or thirty percent of the depreciated value filed on the schedule. 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.

Important Dates