How is Personal Property Appraised?
The Tangible Personal Property Schedule is used to calculate personal property appraisals for businesses. When completing the tangible personal property schedule, it is important to include all tangible personal property used or held for use in the business as of January 1 of the current year. To avoid a Forced Assessment, a completed schedule must be returned to the Assessor on or before March 1 of each year.
Click here for complete instructions on how to prepare a Tangible Personal Property Schedule.
Below are some tips:
- For each group of personal property items, list the original cost by the year acquired under Revised Cost.
- For years in which the cost on file is provided, list any new cost totals resulting from acquisitions or dispositions of property (under Revised Cost).
(Revised Cost = Cost on File + Acquisitions - Dispositions)
- Equipment purchased at the end of a lease must be reported in the year in which the lease began showing the original lease contract cost, not the payoff year and value.
- Personally owned items used in a business must be reported in the year in which the lease began showing the original lease contract cost, not the payoff year and value.
- A separate schedule must be filed for each business location.
- All items fully depreciated or expensed on your accounting records must be included.
For more information on completing a Personal Property Schedule, contact the Personal Property Department:
- Call (615) 898-7761
- Visit the Personal Property department at:
319 North Maple Street, Suite 218
Murfreesboro, TN 37130
How is Personal Property Assessed?
An assessment is a percentage of an appraised value. The percentage is determined by property classification.
Most Tangible Personal Property is assessed at 30% of the appraised value. Limousine businesses are assessed at 55% of the appraised value.
Try the Property Tax Calculator to see how assessment values affect property taxes.