Property Tax

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. The 2006 median tax rates per $100 of assessed value for Benton County is $2.75, the City of Camden is $.64.

Industrial and Commercial Real Property - 40%

Industrial and Commercial Tangible Personal Property - 30%

Residential and Farm

Real Property - 25%

The State of Tennessee assesses property of public utilities (including railroads, transportation, communication companies and gas companies) and the amounts of such assessments applicable to each county and city are furnished to local governments, The assessment ratios vary from 30% and 55% for personal property and 40% and 55% for real property. The Comptroller of the Treasury,

Office of State Assessed Property, is responsible for this function beginning with tax year 1996.

Property tax exemptions include:

• Goods-in-process
• Finished goods inventories
• Goods-in-transit (Freeport)

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.