News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Tangible Personal Property Tax Schedules are due to your local tax assessor offices by close of business Friday.
Putnam County Property Assessor Steve Pierce said the process allows business owners to self-report all equipment used for business operations. He said there are 11 categories of personal business equipment, each with its own depreciation scale.
“That’s what it’s about is getting an accurate value there on appraisals,” Pierce said. “That’s what we want. We don’t want it to be higher or lower than it needs to be, whatever it is equipment-wise. the way you list your equipment, you list your equipment as what you paid for it, the year you bought it, what kind of equipment it is.”
Pierce said those who file on time are eligible for an equalization rate. He said the state will measure the difference between an item’s appraisal price and its sale price for that year, and potentially offer a savings. He said people can file by mail, online, or visit their local Property Assessor’s Office.
“You pay taxes on your personal property for your business,” Piece said. “It’s desk, it’s computer, it’s things like that that you use for your business.”
He said the Putnam County Property Assessor’s Office offers a service to help people file, especially if they are not familiar with the process. He said people who do not file will be subject to a “force value” assigned by the office. He said they would find a comparable business and place a value on the equipment likely used by the business that has failed to turn in their schedule. This can jeopardize the accuracy of valuation and revoke benefits like equalization, Pierce said.
“That’s something we don’t want to do,” Pierce said. “We want to be fair with everybody. Especially, we want to help small businesses out. We ask anybody, turn something in. You can always amend it. We’ll help you fill those out.”
He said Putnam County has opted in to offer a code on the bottom of the document with an instruction sheet for those new to business ownership or unsure of their property’s likely value. He said anyone with questions is also welcome to visit the Property Assessor’s Office and ask for help.
