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.
If you close your business, you must first contact the
Tennessee Department of Revenue at 1-800-342-1003 to cancel your business license. You must also contact the Assessor’s
Office at 423-209-7300 to inform them that your business is closed so that your
business may be removed from the tax roll for the next year. Failure to do so
will result in a tax bill issued for each year until reported to the Assessor's
office. |