Business Personal Property FAQ

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Every business owner, incorporated as well and unincorporated, operating in the state of Tennessee is required to file a schedule with the Rutherford County Assessor of property no later than March 1 of each year.

Rutherford County performs a state mandated mass reappraisal every 4 years. The last reappraisal was in 2014 with the next one being in 2018. Assessment change notices will be distributed in the spring. These notices will include notification of any changes made to property appraised values.

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 amount of taxes to be paid will depend on the tax rates. It is important to understand that a change in appraised value does not necessarily mean taxpayers will be required to pay higher or lower taxes during a reappraisal year due to the Certified Tax Rate. The State of Tennessee defines the Certified Tax Rate as:

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.

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.

Property assessor’s valuations are used to determine property taxes and are done on a mass appraisal basis using statistics and market conditions to derive value. Additionally, values are set at four-year increments. Financial lender appraisers perform a more in-depth, real-time review of an individual property versus the overall mass dollar amount per square foot to like properties in your neighborhood.

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 Relief 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.

Changes should be recorded under the Revised Cost column. A letter of explanation or a clear note must accompany your Schedule if you are reporting less equipment this year than was reported in the previous year.

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.

You can obtain a copy of your property deed or plat (if plat is recorded) at the Register of Deeds Office, their phone number is 615-898-7870.

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

Notify the Rutherford County Clerk’s office that you would like to close your business 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, 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.

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.