If you sell or close your business, state law requires you to notify the Assessor and pay your personalty taxes to the Trustee within 15 days after sale or closure. In fact, the buyer is supposed to withhold assessed taxes from the agreed upon sales price until you can prove the taxes have been paid.
Please notify the Assessor in writing of the sale date, nature of the transaction, and the purchaser as promptly as possible.
Assessor of Property
Attn: Personal Property Division
P.O. Box 196305
Nashville, TN 37219
To view the statute pertaining to the termination of a business, please click here.