1. (1) An appropriate personal property control record (such as a control card) shall exist and be maintained for each personal property account.
2. (2) Upon discovery of a new business, a control record shall be created for that business.
3. (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. (4) As a minimum, the control record for each account shall provide for the following:

   1. (a) Business name;
   2. (b) Property location;
   3. (c) Mailing address;
   4. (d) Type of business;
   5. (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;
   6. (f) Tax year;
   7. (g) Dates the schedule was furnished, returned, and desk audited;
   8. (h) Date of any field audit;
   9. (i) Assessment ratio (30% for commercial and industrial tangible personal property); TANGIBLE PERSONAL PROPERTY
   10. (j) Assessment;
   11. (k) Type of assessment (such as R = regular, F = forced, A = adjusted).

Authority: T.C.A. § 67-5-902. Administrative History: Original rule filed August 29, 1988; effective October 13, 1988.