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Appraisal Ratios
Ratios are used for several purposes, including equalization of public utility and common carrier assessments, equalization of local business personal property assessments, determining tax relief payments for elderly and disabled homeowners, and determining adjusted county property values under the Tennessee Education Finance Act. Notwithstanding the listed ratios, in no instance shall the factor used to equalize locally assessed tangible personal property or centrally assessed public utility property, exceed 1.0000 (Public Chapter 209 of 2013).
Tennessee Board of Equalization Training for County Boards of Equalization. The training references the CBOE Practice Manual. Click Here to Review the Manual.
Savings Programs
Learn more about Tennessee’s Property Tax Relief Program which is administered by the Tennessee Comptroller’s Office working closely with county trustees and city collecting officials. For more information Click Here.
Learn more about the Office of State Assessed Properties (OSAP) which conducts annual appraisals, assessments, and audits of Tennessee’s public utility and transportation properties. These properties are assessed by the state, not the local Assessor’s office.
Tangible Personal Property
Tangible Personal Property is all property owned or held by a business to operate that business, including but not limited to, furniture, fixtures, vehicles, tools, machinery, equipment, raw materials, and supplies. One of the most common tests used to differentiate “personal property” from “real property” is whether it is moveable (personal) or affixed (real). In Tennessee, personal property is assessed at 30% of its value for commercial and industrial property and 55% of its value for public utility property. Click Here to Learn More about Tangible Personal Property
