Real Property Tax

Real estate taxes are collected by the Fayette County Trustee’s Office on an annual basis beginning the first Monday of October each year, through the last day in February of the following year. It is the responsibility of each taxpayer to ensure that his/her taxes are paid timely whether or not a tax notice is received.

The Fayette County Assessor of Property establishes the assessed value of property, and the Board of Commissioners set the tax rate. Once the Assessor certifies the assessment roll and the tax rate is set, the Trustee applies the tax rate to every $100 of assessed value. The Trustee prints and mails tax notices to the last known mailing address. In cases where the property owner pays through an escrow account, the mortgage company normally requests the tax information, and the owner receives the original notice for his/her records.

Personal Property Tax

Personal property taxes are based on temporary or moveable property such as furnishings, office machines, computers, telephones, vehicles and other items that are used by a company or a person to operate a business.

The tax is based upon information furnished to the Property Assessor each year by the business owner. The Assessor of Property furnishes a schedule for each business owner to provide a detailed list of all tangible personal property owned by the business. The Assessor of Property determines the value of the personal property based on the information supplied.

It is the duty of the owner of the business to fully list all tangible personal property, to place a correct value on the property and to sign and return the schedule prior to the due date. If the schedule is not returned prior to the due date, a forced assessment is made.

The personal property tax is due and payable in its entirety if business was open for 1 day in calendar year.

If you close your business, please:

Contact the State of Tennessee at 1-800-342-1003 to cancel your business license.
Contact the Fayette County Assessor’s Office at 901-465-5226 to inform them that your business is closed in order to take your business off the tax roll for the next year.
Pay your County personal property tax at the Trustee’s Office 901-465-5224