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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Tennessee, personal property tax is primarily assessed on business personal property, which includes tangible personal property used in a business to produce income. This tax is an ad valorem tax, meaning it is based on the value of the property. Tennessee does not have a state property tax; property taxes are administered by local governments, such as counties and municipalities. Each local jurisdiction determines its own tax rate and assessment procedures. For motor vehicles, Tennessee does not have a state personal property tax, but local governments may charge a wheel tax or registration fee. Boats and aircraft are subject to personal property tax if they are used for income-producing purposes. Taxpayers must annually report their business personal property to the county assessor's office, where the value is assessed and the tax is calculated based on the local tax rate.

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Taxes

personal property tax

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Tennessee State Code

Tennessee State Code

Taxes

personal property tax

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