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Personal Property Taxes (a.k.a. Personalty Taxes) are taxes that are based on temporary or moveable property such as furnishings, office machines, computers, telephones, vehicles and other such items that are used by a company or a person to operate a business.

The tax is based upon information furnished to the Assessor or Property each year by the business. The Assessor of Property furnishes a schedule for each business owner to provide a detailed list of all tangible personal property owned by the business. The Assessor determines the value of your personal property based on the information supplied.

It is the duty of the taxpayer to fully list all tangible personal property, to place a correct value on the property and to sign and return the schedule prior to the due date. If the schedule is not returned prior to the due date, a forced assessment is given.

Anyone in business on January 1st of any given year is responsible for the entire year’s tax, even if they closed their business prior to December 31st of that same year.
To close a business you must:
  • Contact the Tennessee Department of Revenue at 1-800-342-1003 to cancel your business license.
  • Contact the Assessor of Property at 423-209-7300 to inform them of your business closing.
    Failure to do so will result in a tax bill issued for each year until reported to the Assessor of Property.
  • Contact the Trustee at 423-209-7270 for any outstanding Personalty Tax.