Property Taxes
The property tax is levied on real and personal property by county and municipal governments. All owners of property are liable for property taxes. Tennessee does not impose a state property tax.
Counties and cities levy property taxes on real and personal property. While statutory assessment ratios remain constant, tax rates and appraisal levels may vary widely. Assessment ratios are as follows:
Counties and cities levy property taxes on real and personal property. While statutory assessment ratios remain constant, tax rates and appraisal levels may vary widely. Assessment ratios are as follows:
|
Industrial and Commercial Real Property
Industrial and Commercial Tangible Personal Property Residential and Farm Real Property |
40%
30% 25% |
Property tax exemptions include:
The probable local property tax burden can only be determined by consultation with city and county tax officials. County property taxes are due on the first Monday in October and may be paid without penalty through the end of February.
- Goods-in-process
- Finished goods inventories in hand of manufacturers
- Goods-in-transit
- Inventories of merchandise for sale
- Pollution control equipment required for compliance with federal, state or local environmental protection law.
The probable local property tax burden can only be determined by consultation with city and county tax officials. County property taxes are due on the first Monday in October and may be paid without penalty through the end of February.