Every business owner in Tennessee, whether incorporated or not, is required to file the schedule annually with the Assessor of Property for the county in which the business is located. If you have any questions about whether an asset fits the description, contact the Division of Assessment. The law requires the Assessor's Office to place a value on your tangible personal property, which may be higher than you would have reported. Your only appeal route then is through the Metro Board of Equalization. You also may be assessed a penalty for failing to report.
Every business owner is subject to selection for audit.
A member of the Assessor's staff will review each completed form, and where necessary, work with the business owner to obtain an accurate reporting. Audit methods vary based on the size and type of business involved. An inspection of the business premises may be required, or a detailed examination of records of purchases may be needed. You can help by doing the most thorough job possible when you complete the schedule. You will receive an Assessment Change Notice from the Assessor's Office, in May, indicating any changes.