Tenn. Comp. R. & Regs. 0600-05-.07 - NONSTANDARD VALUATION

(1) Notwithstanding the provisions of Rule 0600-05-.06, above, regarding standard valuation, the assessor shall place a value on the property different from the value indicated by the standard valuation provisions if there is sufficient evidence to warrant a different value and documentation of such evidence is included in the file. The assessor shall consider the level of trade at which the property is found and all other relevant and available evidence in determining a nonstandard value. Types of evidence that may support nonstandard value include: recent appraisals by appraisers holding professional designations in the valuation of personal property from recognized appraisal organizations and authoritative price or valuation guides for subject property.

(2) The assessor shall report in writing to the Division of Property Assessments all instances where a nonstandard value is placed on the property or requested by a taxpayer. The Division shall consider such reports in making recommendations to the State Board of Equalization regarding any needed revisions to these rules. The assessor may request the assistance of the Division of Property Assessments in determining a nonstandard value.

Notes

Tenn. Comp. R. & Regs. 0600-05-.07

Original rule filed August 29, 1988; effective October 13, 1988. Amendments filed February 21, 2017; effective 5/22/2017.

Authority: T.C.A. §§ 67-1-305 and 67-5-902.