RUTHERFORD COUNTY PROPERTY ASSESSOR

Business Personal Property FAQ

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The Assessor’s Office knows you have a business through discovery; which is reviewing, business license that have been taken out, advertising, Chamber of Commerce, etc.

Tennessee law requires that all partnerships, corporations, other business associations not issuing stock, and individuals operating for profit as a business or profession file a Personal Property Schedule with the Assessor’s Office annually. The Assessor uses the Schedule to place a value on your business personal property.

A form used to list the cost of your business assets. Tennessee law requires that all partnerships, corporations, other business associations not issuing stock, and individuals operating for profit as a business or profession file a Personal Property Schedule with the Assessor’s Office annually. The Assessor uses the Schedule to place a value on your business personal property.

Report all property that is used or held for use in a business or profession such as computers, artwork, desks, paper, window air-conditioning units, etc. This includes items that are personally owned by the owner of the business along with items that are leased, loaned, or rented to the business.

The Schedule must be received by the Assessor’s Office on or before March 1 of each year. All Schedules received via US postal service must be officially postmarked on or before March 1st.

It would depend on the current appraisal and the tax rate that would be set by the County Commission in July.

Failure to return the Schedule will result in the Assessor’s Office issuing a “Forced Assessment” for your personal property value and a tax bill will be generated reflecting the Forced Assessment.

A Forced Assessment is an assessment resulting from an estimation of value. That value may be estimated based upon a field inspection of your property or it may be estimated based upon the average value of personal property for businesses similar to yours.

Once you have received a Forced Assessment , you may correct it by timely filing an appeal with the Rutherford County Board of Equalization. You must file an appeal and Personal Property Schedule with the Rutherford County Board of Equalization within the period for filing appeals. If the time period is after the Rutherford Board of Equalization has met, you may request a Forced Assessment Mitigation form from the Assessor’s office. This form must be filed in the Assessor’s office by March 1 of the second year following the year of the Forced Assessment.

If figures appear under the Cost on File Columns, these are the cost figures previously reported on your Personal Property Schedule. These figures should be reviewed for correctness.

If no data is under Cost on File columns, it means that the Assessor does not have a history of any of your purchases and you must list them on the Schedule. Suggestion: On a separate sheet of paper, list all assets by description, purchase price, year acquired and by group types as shown on the Schedule. Within each group, total all items purchased in the same year. Post on the Schedule under “revised cost” the totals for each year for each group.

Yes, you are liable for the taxes because the taxes follow those assets.

Yes. Part IV, Signature section of the Schedule must be completed. Unsigned Schedules will not be processed.

If your business was not operating in Rutherford County prior to January 1, and/or your Rutherford County Business License has been closed, please note this closure on the back of the Schedule in the Notes Section, sign and date the schedule, and return the Schedule to the Assessor on or before March 1. Failure to report a closed business will result in a Forced Assessment.

Notify the Tennessee Department of Revenue at 615-253-0600, Ext 3 or online at www.tntap.tn.gov to close your license. Not renewing your business license does not close your business. Once you have closed your business license, notify the Rutherford County Property Assessor's Office that your business is closed so that you will be removed from the tax roll.

Yes, in Part 3 on the back of the Personal Property Schedule.

Yes. The Assessor’s Office is required to mail the Schedule to the last known address of the business owner. Even though the business owner may not receive the Schedule, it is the responsibility of the taxpayer to know the Schedule is due to be filed each year with the Assessor.

>Your business may be randomly selected for audit. Methods vary based on the size of the business. You may be required to provide records detailing asset description and original cost.

You may visit the Rutherford County Assessor’s Office which is located at 319 N. Maple Street, Suite 218, or by calling for assistance at (615) 898-7761 between the hours of 8:00 a.m. to 4:00 p.m. excluding weekends and holidays.



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