Personalty Filing Deadline Past;

Businesses Asked to Submit Late Filings

File Schedule B Online

The statutory deadline for businesses to file Schedule B -- the form used to report tangible personal property each year -- has passed, but late filers can help us produce more accurate "forced" assessments.

Property Assessor George L. Rooker Jr. announced that 'B' ONLINE, our convenient online reporting system, will continue to be available through April.  Under state law, the deadline for filing is March 1st and the assessor is required to "force" assess businesses which do not file.

Assessor Rooker encourages businesses to use the electronic filing method to submit their return, even if it is late. He said appraisers will consider all valid information to determine the "forced" assessment.

"'B' ONLINE saves time and money for both the taxpayer and our office," Rooker explained. "It also saves tons of paper and preserves the records in an easily accessible electronic format.  It's a win-win situation for all."

"This year businesses are able to attach electronic files required for documentation when they submit their form online."

Businesses access the online form using a unique personal identification number assigned to their account. The online form shows taxpayers their filings for prior years and even projects the standard depreciation to entries for the current tax year.

If a business has previously reported, filing simply involves listing the equipment acquired or disposed of during the previous year, so that it may be added to or removed from the schedule already on file.

It is basically a "self declaring" system, but is subject to audit for verification. Unlike the system for assessing real property, where the appraisal is based on fair market value and equalized across the entire jurisdiction, the appraisal of personal property is based on the actual cost of the property less depreciation.

Personal property is categorized in 10 groups for reporting. Each of those groups has its own depreciation schedule that is outlined in state statutes. In Tennessee, leased personal property used by a business is assessed to the lessee (user) and must also be reported on a company's reporting schedule.

For smaller accounts, the system allows an alternate method for reporting personal property. If the depreciated value of personal property is $1,000 or less, the business can declare so in the reporting schedule and not have to itemize or report detailed costs. With this certification, also subject to audit, the assessment will be set at $300, since the assessment rate provided by law is 30% of value.

Failure to return the Schedule B results in a forced assessment using information about the quantity and value of personal property held for use by businesses of similar size and function.

For more information, go to the link below:

File Schedule B Online

INTANGIBLE PERSONAL PROPERTY SCHEDULES 'A & 'D'

The intangible personal property schedules for Loan, Investment, Cemetery and Insurance companies also were due by March 1.

Appraisers will consider any information submitted late, but the online reporting system "B-Online" CANNOT be used to report either of these schedules.

NOTICE TO TAXPAYERS AND OWNERS OF TAXABLE PROPERTY IN DAVIDSON COUNTY

Records of the 2009 classification, appraised value, and assessed value of all taxable property within Davidson County are open for inspection by the public, taxpayers and property owners weekdays from 8 a.m. to 4:15 p.m., at 800 2nd Avenue North, Suite 1. Much of the same information also is available on this website under the WebPro Data button above.

  Contact Tom Jaynes, (615) 862-6080, if assistance is needed.