Small business owners in Tennessee should soon see their annual tangible personal property (TPP) schedules in the mail from local county assessors.
Starting this year, more than half of small businesses in Tennessee will have the option to simply pay a small tax and bypass filling out the schedule, which can be costly and time-consuming. Businesses with $2,000 of depreciated TPP or less or between $10,000 and $2,000 of depreciated TPP now have this choice.
In 2023, Gov. Bill Lee signed Public Chapter 341 after the General Assembly passed SB 384/HB 804. NFIB led the way to reduce this administrative burden on small businesses and will continue to advocate for further reform on this issue based on our 2023 Ballot results.
Questions? Contact your local county assessor or State Director Jim Brown at jim.brown@NFIB.org.
Important Dates
Feb. 1: Personal Property Schedules mailed to each business owner by this date.
March 1: Personal Property Schedules should be returned by this date.
May 20: Assessments should be complete and change notices mailed.
June (first Monday): County Board of Equalization meets for appeals regarding Personal Property Schedules.
Sept. 1: Last day to file an amended Personal Property Schedule for the previous tax year.
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