Tennessee Code Annotated

Tenn. Code Ann. § 67-5-602 (2026)

Assessment guided by manuals - Factors for consideration

✓ current as of May 2026

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(a) Except as provided in § 67-5-601(c), in determining the value of all property of every kind, the assessor shall be guided by, and follow the instructions of, the appropriate assessment manuals issued by the division of property assessments and approved by the state board of equalization. In the preparation of the manual, the division of property assessments and the state board of equalization shall consult with the United States forest service and the state forester in establishing the guidelines to be used in determining the value of forestland.

(b) For determining the value of real property, such manuals shall provide for consideration of the following factors:
- (1) Location;
- (2) Current use;
- (3) Whether income bearing or non-income bearing;
- (4) Zoning restrictions on use;
- (5) Legal restrictions on use;
- (6) Availability of water, electricity, gas, sewers, street lighting, and other municipal services;
- (7) Inundated wetlands;
- (8) Natural productivity of the soil, except that the value of growing crops shall not be added to the value of the land. As used in this subdivision (b)(8), "crops" includes trees; and
- (9) All other factors and evidence of value generally recognized by appraisers as bearing on the sound, intrinsic and immediate economic value at the time of assessment.

(c)
- (1) For determining the value of industrial, commercial, farm machinery and other personal property, such manuals shall provide for consideration of the following factors:
  - (A) Current use;
  - (B) Depreciated value;
  - (C) Actual value after allowance for obsolescence; and
  - (D) All other factors and evidence of value generally recognized by appraisers as bearing on the sound, intrinsic and immediate economic value at the time of assessment.
- (2) Notwithstanding the foregoing, all farm personal property and also all household and kitchen furniture, tableware, musical instruments, wearing apparel, private passenger motor vehicles, jewelry and other personal property of similar character used in the taxpayer's own household, together with all intangible property, including bank accounts, of the taxpayer, may be assumed prima facie by the assessor of property to be of a value not in excess of seven thousand five hundred dollars ($7,500) per individual and fifteen thousand dollars ($15,000) for jointly owned property held by husband and wife in the absence of any tax return or schedule to the contrary.

Acts 1973, ch. 226, § 6; 1974, ch. 771, § 8; 1976, ch. 782, § 13; 1977, ch. 262, § 1; T.C.A., § 67-606; Acts 1987, ch. 430, § 1; 1988, ch. 831, § 1; 1995, ch. 362, § 1.

Notes of Decisions

Cited in 4 cases (1 in the last 5 years), 1987–2023 · leading case: Richardson v. Tennessee Assessment Appeals Comm'n, 828 S.W.2d 403 (Tenn. Ct. App. 1991).

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Richardson v. Tennessee Assessment Appeals Comm'n, 828 S.W.2d 403 (Tenn. Ct. App. 1991). · cites it 2× “§ 67-5-601(a) and T.C.A. § 67-5-602 provide respectively in pertinent part as follows: 67-5-601.”

United States v. The Metro. Gov't of Nashville & Davidson Cnty., Tennessee, 808 F.2d 1205 (6th Cir. 1987). · cites it 3× “2 A leasehold, like any other proper *1209 ty, is to be valued at “its sound, intrinsic and immediate value, for purposes of sale between a willing seller and a willing buyer without consideration of speculative values____” Tenn.Code Ann. § 67-5-601(a) (1988). Thus, restrictions…”

The Coal Creek Co. v. Anderson Cnty., Tennessee, 546 S.W.3d 87 (2017). · cites it 2× “In finding for Coal Creek, the Administrative Judge stated in part: The Administrative Judge finds that the Assessors’ methodology for estimating the contributory value of the oil and gas reserves does not comport with Tenn. Code Ann. § 67-5-602 (a) insofar as the dictates of…”

Williamson Cnty., Tennessee v. Tennessee State Bd. of Equalization (Tenn. Ct. App. 2023). · cites it 2× “§ 67-5-602(b) (2018). Those manuals consider several factors, including “current use” and “whether the property is income-bearing or non- income bearing.”

— Tenn. Code Ann. § 67-5-602(b) — 2 cases

United States v. The Metro. Gov't of Nashville & Davidson Cnty., Tennessee, 808 F.2d 1205 (6th Cir. 1987). “2 A leasehold, like any other proper *1209 ty, is to be valued at “its sound, intrinsic and immediate value, for purposes of sale between a willing seller and a willing buyer without consideration of speculative values____” Tenn.Code Ann. § 67-5-601(a) (1988). Thus, restrictions…”

Williamson Cnty., Tennessee v. Tennessee State Bd. of Equalization (Tenn. Ct. App. 2023). “§ 67-5-602(b) (2018). Those manuals consider several factors, including “current use” and “whether the property is income-bearing or non- income bearing.”

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