THE DEADLINE TO FILE AN APPEAL TO THE METRO BOARD OF EQUALIZATION FOR 2016 HAS PASSED.
To all Tangible Personal Property taxpayers who received a Forced Assessment for Tax year 2016:
If you received a “Notice of Appraised Value, Classification, and Assessed Value” with the ASSESSMENT TYPE – FORCED, the assessment was forced due to the failure of the taxpayer to file a Tax Schedule “B” with our office on or before March 1, 2016.
According to state law, the remedy of a taxpayer against whom a forced assessment is made shall be conditioned upon the taxpayer filing with the board of equalization a complete listing or schedule of all tangible personal property owned or used by the taxpayer in the operation of the taxpayer’s business on the same form as required to be filed with the assessor.
A (green) Tangible Personal Property Schedule “B” was provided with the Forced Assessment Notice. Either this schedule or the one submitted by using the online filing system was due in our office on or before June 17, 2016. Otherwise, the forced assessment of your property may be deemed final for tax year 2016.
Benefits of filing the online form:
-It is convenient and easy.
-It saves time, effort, and postage.
-It eliminates some of the paperwork that has to be scanned into an imaging system, thereby saving time which can be better used on quality control and auditing of returns.
-It offers a more secure way to handle information, some of which may be confidential in nature. The data you submit online is imported into our servers, which operate behind a robust firewall. Access to this information is limited to only those employees who require it.
-Businesses that report non-standard depreciation will not be able to file online.
-Once the form is submitted to our database, you will be unable to change it. If changes are required after submission, please contact our office. Please PRINT the summary page prior to submission for your records.
-It would be prudent to file your return as early as possible in order to avoid possible network congestion near the filing deadline.
-Please do not file both online and by mail. If you file online and file a printed Schedule B, the earliest file received will be considered your official return.
When you have your information ready to complete your Schedule B, just click the button below and experience the ease of online filing. We believe you will find it a great time saver!
NOTES: If you have problems with the ‘B’ ONLINE program, please let us know by calling us at (615) 862-6073. Passwords should be entered in all lower-case exactly as printed on the Schedule B.
GROUP 1 – FURNITURE, FIXTURES, GENERAL EQUIPMENT, AND ALL OTHER PROPERTY NOT LISTED IN ANOTHER GROUP
Including all personal property not specifically identified in one of the other groups. For may businesses, all or most of the personal property will fall into this category. A partial list of the types of equipment to be reported in this group includes:
Answering Machines,,Mining and quarrying equipment
Amusement devices (coin-operated),,Mortuary equipment
Amusement park rides & equipment, Office machines, furniture, fixtures, and equipment
Auto and truck washes,,Paging system (including purchased pagers)
Auto repair equipment (except tools: see Group 2),,Photographic equipment
Barber and beauty shop equipment ,Recreational equipment (bowling lanes, billiard tables, etc.)
Broadcasting equipment (except towers: see Group 4), Repair and maintenance equipment
Bulldozers,,Restaurant fixtures and equipment
Cable television equipment, Retail fixtures and equipment
Cash register (except computer mainframe: see Group 2), Signs (not Billboards: see Group 6)
Dictation (transcribing) equipment, Sound reinforcement and recording equipment
Earth moving equipment, Telephones
Grocery fixtures and equipment, Theater fixtures and equipment
Hotel/motel/apartment furniture – fixtures – and equipment, Trailers (office, over-the-road, equipment and hauling)
Laundry and dry cleaning equipment, Vending machines
Law libraries, Warehousing equipment
Medical equipment and libraries
GROUP 2 – COMPUTERS, COPIERS, PERIPHERALS, FAX MACHINES AND TOOLS
Include all computers, disk drives, tape drives, terminals, printers, operational software, cable, modems, etc.; copiers; facsimile machines; and portable hand and power tools.
GROUP 3 – MOLDS. DIES. AND JIGS
Include all molds, dies, and jigs.
GROUP 4 – AIRCRAFT, TOWERS, AND BOATS
Include all aircraft; radio and TV broadcast towers unless classified as real; and watercraft. Include all aircraft, boats, radio and TV broadcast towers reported last year as personal property. All new towers, except those excluded in T.C.A. § 7-59-102, should be classified as real property.
GROUP 5 – MANUFACTURING MACHINERY
Include all machinery used in manufacturing processes.
GROUP 6 – BILLBOARDS, TANKS, AND PIPELINES
Include all billboards and include above ground tanks and pipelines unless classified as real. Billboards are free standing and commonly have a utility attached such as electricity. A sign attached to a building or which is easily movable should be listed in Group I (Underground tanks are classified as real property, do not report on this schedule)
GROUP 7 – SCRAP PROPERTY
Include all property no longer capable of use and for which there is no expectation of repair but which is still owned by the business or located at the business site.
GROUP 8 – RAW MATERIALS AND SUPPLIES
Raw Materials are defined as items of tangible personal property, crude or processed, which are held or maintained by a manufacturer for use through refining, combining, or any other process in the production or fabrication of another item or product. Do not report goods in process.
Supplies are defined as expendable items of tangible personal property which are used or held for use in support of a business activity, including, but not limited to, office supply stocks, stocks of spare parts for maintenance of machinery and equipment, accessories used in manufacturing processes, printing supplies, and cleaning and maintenance supplies.
Report the original cost of all raw materials and supplies on hand as of January 1, as determined by the ‘first-in-first-out” (FIFO) method of accounting.
GROUP 9 – VEHICLES
Include all automobiles, buses, tractors, trucks, and other vehicles designed for over-the-road use. If a vehicle carries commercial tags it should be listed. If it is registered to a business or an individual operating as a business, whether or not the vehicle carries commercial tags, the vehicle should be listed. (Truck trailers are listed in Group 1).
GROUP 10 – CONSTRUCTION IN PROGRESS (CIP.)
Personal Property which you treat as CIP for federal income tax purposes (as of January 1) may be reported in this group. Report only those costs included in your federal income tax return as CIP.