Business Tangible Personal Property
Tangible (BUSINESS) Personal Property
Personal property taxes are levied on temporary or movable property such as furnishings, office machines and computers, machinery, and vehicles used by a business or profession in the operation of their business.
The tax is calculated based on information provided to the Assessor by the business owner on a (blue / white) form titled Tangible Personal Property Schedule. These forms are mailed from and should be returned to this Office. Asset listing forms are also available. The instructions are available by clicking on the link below.
When you obtain a Business License, your information is sent to the Madison Assessor’s Office. This information is used to generate a Tangible Personal Property Schedule which will be mailed by February 1 to each business operating in the County. The schedules are to be completed and returned by the business owner or the business owner’s representative to this office on or before March 1.
If the business owner does not receive a schedule, they should call the BUSINESS Tangible Personal Property Department at the Assessor’s Office for a schedule. (731) 423-6103. All businesses that do not return a schedule will be given a FORCED assessment by the county assessor’s office.
If the business owner files a schedule and determines later that an error occurred on the schedule, the business owner will have until September 1 the following year to amend the schedule. Forced assessments do not have the right of amendment.
Changes in Business Tangible Personal Property Assessment Values
During the month of May, those whose assessments changed in value, will receive an assessment change notice. This value should be 30% of the depreciated value filed on the schedule in March.
If you do not agree with this value, you may amend your schedule. If you still do not agree with the amended value, you may appeal to the Madison County Board of Equalization which meets the first Monday in June. Forced assessments cannot be amended or appealed.
Changes in Personal Property or Business Ownership
The Assessor’s Office should be notified immediately if the business is no longer in operation or if the personal property has been sold. All documentation should be submitted in writing to the attention of the Business Personal Property Department. For more information, contact the Business Personal Property Department at (731) 423-6103.