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-.04 - REPORTING
Current through April 3, 2024
(1) The tangible personal property schedule adopted in Rule 0600-05-.11 below shall be furnished annually by the assessor to every potential commercial and industrial personal property taxpayer on or before February 1. A substantially equivalent form may be used, provided that such form is approved by the Division of Property Assessments.
(2) The taxpayer shall annually be required to complete, sign, and file the tangible personal property schedule with the assessor on or before March 1. Failure to file the schedule will subject the taxpayer to a penalty as provided by state law.
(3) In accordance with T.C.A., Title 67, the following types of tangible personal property are not to be reported or assessed;
(4) A taxpayer must report the total acquisition costs of property as follows:
(5) A capitalized expenditure made with respect to property after the initial acquisition must be reported in the year the expenditure was booked as a fixed asset. The costs of the capitalized expenditure should be reported as they are shown on the taxpayer's financial accounting fixed asset records. Any expensed furniture, computer equipment, or other expensed items with a life of one year or longer should also be reported in the appropriate groups as assets. Expenses, costs, or amounts paid or incurred for incidental repairs and maintenance of property should not be reported.
Authority: T.C.A. §§ 67-1-305 and 67-5-902.