Tennessee businesses – such as manufacturers, healthcare providers and others – with tangible personal property subject to ad valorem taxation in Tennessee should take note of the recent decision by the Assessment Appeals Commission (AAC) of the Tennessee Board of Equalization in In re: Signal Mountain Cement Company (Hamilton County, Tax Years 2008-2011). The AAC's holding likely results in greater tax liabilities for taxpayers relying on Tennessee standard valuation due to the AAC's approval of the inclusion of shipping, engineering, installation, tax, and other intangible expenses in the original cost of such assets for valuation purposes. Taxpayers should consider reporting nonstandard values determined utilizing a fair market value in exchange valuation approach as an option to reduce their tax exposure. Read More