Section 0600-05-.03 - CONTROL RECORDS(1) An appropriate personal property control record (such as a control card) shall exist and be maintained for each personal property account.(2) Upon discovery of a new business, a control record shall be created for that business.(3) When a business ceases to exist, the control record for that business shall be removed from the active file and placed in an inactive file.(4) As a minimum, the control record for each account shall provide for the following: (e) property identifier, to be linked to the property identifier of the real property where the personal property is located, when such can be determined;(g) dates the schedule was furnished, returned, and desk audited;(h) date of any field audit;(i) assessment ratio (30% for commercial and industrial tangible personal property);(k) type of assessment (such as R = regular, F = forced, A = adjusted).Tenn. Comp. R. & Regs. 0600-05-.03
Original rule filed August 29, 1988; effective October 13, 1988.Authority: T.C.A. § 67-5-902.