What is Personal Property?
Personal Property is the tangible and intangible property used, or held for use, in a business.
Tangible Personal Property is filed by "(a) All partnerships, corporations, other business associations not issuing stock and individuals operating for profit as a business or profession, including manufacturers, except those whose property is entirely assessable by the comptroller of the treasury" per Tennessee Code Annotated (TCA) 67-5-903. The ten groups, and the leasing and nonstandard sections of the tangible personal property schedule and the depreciation for these groups are shown in TCA 67-5-903. The property owner should report the cost of acquiring the property on the line for the year in which the property was acquired. The cost includes but is not limited to shipping, insurance to ship, sales tax, and any other cost to get the property on site and operational.
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