Business Personal Property Form 103 In Montgomery
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Tangible Personal Property In Tennessee, personal property is assessed at 30% of its value for commercial and industrial property and 55% of its value for public utility property.
Zip RegardingAddressCity Form ST-103 P.O. Box 7218 Indianapolis, IN Form ST-103DR P.O. Box 6114 Indianapolis, IN Form ST-103MP P.O. Box 6114 Indianapolis, IN Form ST-103NC P.O. Box 7230 Indianapolis, IN4 more rows
The tax is calculated based on information provided to the Assessor by the business owner on a form titled Tangible Personal Property Schedule. These forms are mailed from and should be returned to this Office by March 1 along with an ASSET LIST. Be sure to sign the Tangible Personal Property Schedule!
Personal property generally includes furniture, fixtures, office and industrial equipment, machinery, tools, supplies, inventory and any other property not classified as real property.
How does Tennessee's tax code compare? Tennessee does not have an individual income tax. Tennessee has a 6.5 percent corporate income tax rate and levies a state gross receipts tax.
Business Personal Property Tax is a tax assessed on tangible personal property businesses own. This type of property includes equipment, furniture, computers, machinery, and inventory, among other items not permanently attached to a building or land.
Personal property is considered Class II property and is taxed at 20 percent of market value. Market value multiplied by 20 percent equals the assessment value, which is then multiplied by the appropriate jurisdiction's millage rates to determine the amount of tax due.
