67-5-1105 - Contents of assessment schedule Reporting schedule Forced assessment Remedies. - Tennessee Statutes

67-5-1105. Contents of assessment schedule Reporting schedule Forced assessment Remedies.

(a)  The president or business manager of any corporation, association or company governed by this part is required to fill out and furnish upon oath to the assessor an assessment schedule in writing, which schedule shall contain the following information:

     (1)  The amount of capital invested in the business excluding reserves set aside by the corporation which are required to be set aside, including amounts charged off under federal income tax regulations, to provide for anticipated, accrued or contingent liabilities of the corporation;

     (2)  The shares of stock outstanding, with the name and residence of the shareholder;

     (3)  The market value; and if no market value, the actual value of the shares of stock, and what the shares of stock can be sold for on the market;

     (4)  The amount of dividends for the last two (2) years, and amount of surplus and undivided profits, if any;

     (5)  A certified copy of the assessed value of the real estate and tangible personalty and where situate; and

     (6)  Such other facts pertaining to the value of the shares of stock as may be demanded or deemed material by the assessor.

(b)  The assessor shall furnish by February 1 a reporting schedule in a form approved by the state board of equalization to each company subject to assessment under this part, and the schedule shall be completed and returned by the company by March 1 of the year for which the assessment is to be made. A taxpayer who fails, refuses or neglects to complete, sign and file the schedule with the assessor of property, as provided in subsection (a), shall be deemed to have waived objections to the forced assessment determined by the assessor, subject only to the remedies provided in subsection (c). In determining a forced assessment, the assessor shall consider available evidence indicative of the assessable value of property assessable to the taxpayer under this section, and having determined the assessable value of property assessable to the taxpayer under this section, the assessor shall give the taxpayer notice of the assessment by United States mail, addressed to the last known address of the taxpayer, or the taxpayer's agent, at least ten (10) calendar days before the local board of equalization commences its annual session.

(c)  If a forced assessment is shown to exceed the assessable value of the taxpayer's property, then the taxpayer shall have the following remedies:

     (1)  The taxpayer may appeal to the county board of equalization pursuant to § 67-5-1407, but must present a completed schedule as otherwise provided in this section;

     (2)  If the deadline to appeal to the county board of equalization has expired, then the taxpayer may request the assessor to mitigate the forced assessment to the extent it is shown to exceed the assessable value of the taxpayer's assessable property by twenty-five percent (25%) or more, so long as the failure to file the schedule or failure to timely appeal to the county board of equalization was not the result of gross negligence or willful disregard of the law. Mitigation of the forced assessment shall follow the procedure provided and be subject to the deadlines provided in § 67-5-509. Gross negligence shall be presumed if notice of the forced assessment, in a form approved by the state board of equalization, was sent certified mail, return receipt requested, to the taxpayer's last known address on file with the assessor.

(d)  Whether or not an assessor's error affected the original assessment, the assessor may correct a forced assessment using the procedure provided and subject to the deadlines provided in § 67-5-509, upon determining that the taxpayer was not in business as of the assessment date for the year at issue, and upon determining that the taxpayer did not own property assessable pursuant to this part as of the assessment date for the year at issue.

(e)  The taxpayer may amend a schedule timely filed with the assessor in the same manner provided for tangible personal property returns.

[Acts 1907, ch. 602, § 24; Shan., § 791; Acts 1927, ch. 39, § 1; Code 1932, § 1394; Acts 1953, ch. 118, § 2; T.C.A. (orig. ed.), § 67-720; Acts 2008, ch. 1069, § 1.]