(a) For purposes of taxation, all property shall be classified into three (3) classes, to wit: real property, tangible personal property and intangible personal property, and into such subclasses as may otherwise be established by law.

Terms Used In Tennessee Code 67-5-503

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • Personal property: All property that is not real property.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The ratio of assessment to value of property in each class or subclass shall be equal and uniform throughout the state, and each respective taxing authority shall apply the same tax rate to all property within its jurisdiction.
  Previous section
Next section  
 Part 5 Contents