Tangible Personal Property is defined as assets owned by the taxpayer and used or held for use in such business or profession, including, but not limited to, furniture, fixtures, machinery and equipment, all raw materials, supplies, but excluding all finished goods in the hands of the manufacturer and the inventories of merchandise held for sale or exchange.
In Tennessee, Tangible Personal Property is assessed at 30% of its value for commercial and industrial property.
One of the most common components used to differentiate “personal property” from “real property” is whether it is moveable (personal) or affixed (real).
The Assessor’s office should be notified immediately if the business is no longer in operation or if the Tangible Personal Property has been sold. All documentation should be submitted in writing to the attention of the Tangible Personal Property department.
If you need assistance or if you have additional questions regarding Tangible Personal Property, please call 423-209-7323.