Rules & Regulations of the State of Tennessee
Title 0600 - Board of Equalization
Chapter 0600-05 - Assessment of Commercial and Industrial Tangible Personal Property
Section 0600-05-.03 - CONTROL RECORDS

Universal Citation: TN Comp Rules and Regs 0600-05-.03

Current through April 3, 2024

(1) An appropriate personal property control record (such as a control card) shall exist and be maintained for each personal property account.

(2) Upon discovery of a new business, a control record shall be created for that business.

(3) When a business ceases to exist, the control record for that business shall be removed from the active file and placed in an inactive file.

(4) As a minimum, the control record for each account shall provide for the following:

(a) business name;

(b) property location;

(c) mailing address;

(d) type of business;

(e) property identifier, to be linked to the property identifier of the real property where the personal property is located, when such can be determined;

(f) tax year;

(g) dates the schedule was furnished, returned, and desk audited;

(h) date of any field audit;

(i) assessment ratio (30% for commercial and industrial tangible personal property);

(j) assessment;

(k) type of assessment (such as R = regular, F = forced, A = adjusted).

Authority: T.C.A. § 67-5-902.

Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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