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 on or before March 1 to the county assessor. If the business owner does not receive a schedule they 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.
This section of the Tangible Personal Property Schedule contains information such as actual property address of the business, type of business, phone number, owner of real estate, business owner, contact person, state sales tax number, IRS identification number, and business license number. If the schedule you receive has this information preprinted and the information is incorrect, please make changes so that the Assessor’s Office can have correct information regarding your business.
There are 10 groups of Tangible Personal Property:
Group 1 - Furniture, Fixtures, General Equipment, and all other Property not listed in any other Group.
Group 2 - Computers, Copiers, Fax Machines, Peripherals, and Small Tools.
Group 3 - Molds, Dies, and Jigs
Group 4 - Aircraft, Towers, and Boats
Group 5 - Manufacturing Machinery
Group 6 - Billboards, Tanks, and Pipelines
Group 7 - Scrap Properties
Group 8 - Raw Materials and Supplies
Group 9 - Vehicles
Group 10 - Construction-in-Process
The Leased Tangible Personal Property Section is to be completed by reporting all items leased or rented by the business for the conduct of your business as of January 1 regardless of any contract between the lessor and lessee as to who shall pay the taxes. Leased personal property is to be assessed to the lessee. Required information includes item description including make and model number, year made or year of acquisition, original cost new or retail price if cost new is not known, term of the lease or the year the lease began, monthly rent, and name and address of the lessor.
Report any property on which you wish to report a value different from standard depreciated cost where such value more closely approximates fair market
value. You will be required to submit supportive information to substantiate this nonstandard value request. This information is required before the
Assessor’s Office can consider accepting the nonstandard valuation.
Small Account Certification – If you believe the total depreciated value of your tangible personal property in all groups is valued at $1,000 or less, you may choose this option to file your tangible personal property schedule. Your assessed value per schedule will be $300. Even though you choose this option, your business can still be subject to audit.
Signature – The Personal Property Schedule must be signed and dated. Unsigned schedules will not be processed.
Special statutory valuation of pollution control equipment must be reported under this part (see T.C.A. § 67-5-604). The taxpayer must enclose a copy of the pollution control certificate issued by the Tennessee Department of Environment and Conservation or its designee