All businesses are required by Tennessee state law to complete and return a tangible personal property schedule to the Assessor of Property by March 1. The schedule summarizes all tangible items which are used in the conduct of business. Some examples of tangible items are: furniture, computers, fixtures, machinery, equipment and supplies. If your business has not received a schedule to be completed, you may obtain one from the Assessor’s office.
“My staff will be available to assist you with completing the tangible personal property schedule during normal business hours,” said Donald Preston, Cannon County Assessor of Property. “If you cannot visit the office, you may call the office at 615-563-5437 for assistance.”
Tangible personal property is to be reported according to its status on January 1 and is assessed at 30 percent of its appraised value.
If a business neglects to complete and return a tangible personal property schedule to the Assessor of Property by March 1, the Assessor’s office is required by law to place a forced assessment on that business, using the best information available.