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Caruthers Property Tax Letter
1. New Penalty for Tennessee Taxpayers not Filing Tangible Personal Property Tax Reports to the Assessors on or Before March 1
Tangible Personal Property Schedules are due in the Tennessee Assessors' offices on or before March 1, 2009.
As a result of a recent legislative change, a taxpayer may no longer file an amended schedule later if the original schedule was not filed on or before March 1, with the assessor. This change penalizes those taxpayers who did not file the required schedules on time with the Assessor. If any costly errors are discovered later, the errors cannot be corrected by filing an amended schedule.
A taxpayer, who filed the original schedule before March 1, is permitted to file an amended tangible personal property schedule on or before September 1 of the year following the tax year. For example, for tax year 2009, a taxpayer will have until September 1, 2010, to file an amended schedule. This enables the taxpayer to correct any costly errors made in the original schedule.
Prior to the legislative change, if the taxpayer failed to filed the schedule on time with the assessor but instead had appealed and filed the schedule later with the county board of equalization, the taxpayer could still later file an amended schedule. The schedule filed with the county board was considered timely filed for purposes of filing an amended return at a later date. However, the schedule is now not considered timely filed to enable the taxpayer filing such amended schedule.
It is now very important that the schedule be filed on time with the assessor. The taxpayer may still appeal personal property taxes by filing and appeal with the county board and file the schedule there. However, once the appeal filing date for the county board of equalization has expired (typically June of the same year), there are no later remedies for this taxpayer to correct costly errors in the original filings.
Failing to file on or before March 1 with the assessor could cost your company significant overpaid taxes if an error was made in the original filing and remained undiscovered until after the county board had adjourned its regular session.
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