How does the Assessor’s Office know I have a business?
Who has to file a Tangible Personal Property Schedule (TPPS)?
Every business owner, whether incorporated or unincorporated, who operates in the state of Tennessee is required to file a TPPS with their county Assessor of Property office no later than March 1 of each year. For more information regarding TPPS filing, please review the Tangible Personal Property Schedule page located under the Personal Property tab. back to top
What is a Tangible Personal Property Schedule (TPPS)?
A form used to list the cost of your business assets. Tennessee state law requires that all partnerships, corporations, other business associations not issuing stock, and individuals operating for profit as a business or profession file a TPPS with the Assessor of Property office annually. The Assessor uses the TPPS to place a value on your business personal property. back to top
What property should be reported on the TPPS?
Report all property that is used or held for use in a business for profession. Examples include computers, artwork, desks, paper, window air-conditioning units, etc. This includes items that are personally owned by the owner of the business, along with items that are leased, loaned, or rented to the business. back to top
When is the deadline for filing the TPPS?
The TPPS must be received by the Assessor of Property’s office on or before March 1 of each year. All TPPS received via USPS must be officially postmarked on or before March 1st. For more information regarding filing a TPPS, please check here. back to top
What are the penalties for failing to return the TPPS by March 1?
Failure to return the Schedule will result in the Assessor of Property’s office issuing a “Forced Assessment” for your personal property value, and the tax bill will reflect a Forced Assessment. back to top
What is a Forced Assessment?
A Forced Assessment is an assessment resulting from an estimation of value. The value may be estimated based upon a field inspection of your property, or it may be estimated based upon the average value of a personal property for businesses similar to yours. back to top
How can a Forced Assessment be adjusted?
Once you have received a Forced Assessment, you may correct it by returning your TPPS to the Assessor of Property office. back to top
If my Personal Property Schedule (TPPS) is already filled in, what does that mean?
If figures appear under the Cost on File columns, these are the cost figures previously reported on your TPPS. These figures should be reviewed for correctness. back to top
Since last year, my Personal Property assets have changed. What do I do?
If no data is under the Cost on File columns, it means that the Assessor of Property office does not have a history of any of your purchases and you must list them on the Schedule. It is recommended that on a separate sheet of paper all assets are listed by description, purchase price, year acquired and by group types as shown on the Schedule. Within each group, total all items purchased in the same year. Post on the Schedule under “revised cost” the totals for each year for each group. back to top
What if I am a very small business and don’t have an accounting staff?
All businesses are required to use the Schedule B form. There is an option to check the SMALL ACCOUNTS CERTIFICATIONS. By checking this you certify that the total depreciated value of your property (all groups) is $1,000 or less. back to top
If I have purchased a pre-existing business and there are back taxes owed, am I liable for those taxes?
Yes. All taxes due follow the equipment. If you purchase the business and equipment, you also inherit any owed taxes as well. back to top
Must I sign my Schedule?
Yes. Any Schedule that does not have a signature in Part IV, Signature section will not be processed or accepted. back to top
What do I do to close my business?
Notify the Sequatchie County Clerk’s office that you would like to close your business license. Not renewing your business license does not close your business. Once you have closed your business license, notify the Sequatchie County Assessor of Property’s office that your business is closed so that you will be removed from the tax roll. You are still required to file a signed Schedule noting that your business has closed. back to top
Even though my business has closed, should I still file a Schedule?
Yes. If your business was not operating in Sequatchie County prior to January 1, and/or your Sequatchie County business license has been closed, please note this closure on the Schedule in the Notes Section, sign and date the Schedule, and return the Schedule to the Assessor of Property office before March 1. Failure to report a closed business will result in a Forced Assessment. back to top
I lease equipment in my business, should I report it on the Schedule?
Yes. Leased, loaned, or rented property must be reported in Part III of the Schedule. back to top
If I do not receive my Schedule in the mail, am I still responsible to file?
Yes. The Assessor of Property office is required to mail the Schedule to the last known address of the business owner. Even though the owner may not receive the Schedule, it is the responsibility of the taxpayer to know the Schedule is due to be filed each year with the Assessor of Property office. back to top
Will I be audited?
Your business may be randomly selected for audit. Methods vary based on the size of the business. You may be required to provide records detailing asset description and original cost. back to top