Personal Property Business Form For Central Government Employees In Montgomery
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FAQ
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.
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.
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.
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.
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!
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.
