How is Personal Property Appraised?

The Tangible Personal Property Schedule (download page Schedule) is used to calculate personal property appraisals for businesses. When completing the schedule for a business, it is important to include all tangible personal property used or held for use in the business as of January 1 of the current year. To avoid a forced assessment, a completed schedule must be returned to the Assessor on or before March 1 of each year.

For complete instructions on how to prepare a Tangible Personal Property Schedule, download the 2018 Personal Property Instruction Sheets. Below are some quick tips:

  • For each group of property items, list the original cost by the year acquired under Revised Cost.
  • For years in which the cost on file is provided, list any new cost totals resulting from acquisitions or dispositions of property (under Revised Cost).
    (Revised Cost = Cost on File + Acquisitions - Dispositions)
  • Equipment purchased at the end of a lease must be reported in the year in which the lease began showing the original lease contract cost, not the payoff year and value.
  • Personally owned items used in a business must be reported in the year in which the lease began showing the original lease contract cost, not the payoff year and value.
  • A separate schedule must be filed for each business location.
  • All items fully depreciated or expensed on your accounting records must be included.

For more information on completing a Personal Property Schedule, contact the Personal Property Department:

  • Contact us
  • Call 901-222-7002
  • Visit the Personal Property department at:
    Shelby County Assessor of Property
    1075 Mullins Station Road
    Memphis, TN 38134-7725

What is a Forced Assessment?

A Forced Assessment is an assessment resulting from an estimation of value. That value may be estimated based upon a field inspection of your property, previously reported information adjusted for growth or it may be estimated based upon the value of personal property for a similar business. Once you have received a Forced Assessment, the only way to adjust your account is by filing an appeal or requesting Forced Assessment Relief. If you do not file an appeal or request relief, you will forfeit your rights to any adjustments for the given tax year.

Click here to learn more about Forced Assessment Legislation.