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PARK SHELTER RESERVATION

City of Lenoir City

Property Tax

1. State law requires business owners to Personal Property Tax on items such as equipment used in their business. A business located inside the city limits will be liable for personal property tax with the City of Lenoir City and Loudon County.
2. The amount of the Personal Property Tax is determined by an appraisal on items used in the business and tax rate. In January of each year, business owners should receive a form to fill out to report the value of assets used in their business. You must complete a form each year and return it to the Loudon County Property Assessor’s office or an appraisal will be forced by state law.
3. You will be billed for personal property for the City of Lenoir City and Loudon County in October. These bills will be separate from real property.
4. If you close the business, you must immediately and officially notify the City of Lenoir City tax department, Loudon County Clerk’s Office, Loudon County Trustee’s Office, and Loudon County Property Assessor’s Office of this action.
5. State law requires if your business is open January 1 you will be liable for the entire year.
6. Personal property tax may be taken as a credit on your business license return.
7. Phone Number’s:

A business’ tax period will now coincide with its fiscal year, rather than arbitrary dates previously set under state law. This change was made in response to numerous requests from taxpayers and accountants.

The calendar year 2014 will be the transition period where taxpayers will match their business tax to other annual state and federal filings. Taxpayers must file their business tax returns electronically.