Does Tennessee still impose an estate or inheritance tax?
No. Tennessee's inheritance tax does not apply to decedents dying in 2016 or later, so there is no Tennessee estate-tax valuation filing. Estate appraisal work for Tennessee decedents now supports the federal Form 706 for larger estates, probate inventories, and basis documentation rather than any state return.
What did Tennessee's former inheritance tax require for personal property?
Appraisal at "full and true value" as of the date of death, with an alternate valuation election for property distributed or sold within six months, under former § 67-8-412. Those rules matter today mainly when older estates or amended filings resurface, not for post-2015 deaths.
What valuation standard governs Tennessee personal property today?
Sound, intrinsic, and immediate value in a sale between a willing seller and a willing buyer, without speculative values, under § 67-5-601, which Tennessee authorities read as market value. For tax assessment, business personal property is then assessed at 30% of that appraised value.
Where do Tennessee personal property valuation disputes go?
To the State Board of Equalization, which has statewide jurisdiction over the valuation, classification, and assessment of property in Tennessee. County assessing officials value most business tangible personal property in the first instance, with public utility property appraised by the Comptroller of the Treasury.