Tennessee Code Title 67. Taxes and Licenses § 67-5-1509

(a) Upon its consideration of reports made to it, together with the evidence submitted with a report or other information available, the state board shall take whatever steps it deems are necessary to effect the assessment of property in accordance with the constitution and the laws of this state. The board shall by order or rule direct that commercial and industrial tangible personal property assessments be equalized using the appraisal ratios adopted by the board in each jurisdiction; provided, that an equalization factor for purposes of this section does not exceed a factor of one (1.000). The equalization described is available only to taxpayers who have timely filed the reporting schedule required by law.

(b) Equalization may be made by the board by reducing or increasing the appraised values of properties within a taxing jurisdiction, or any part of the jurisdiction, in such manner as is determined by the state board of equalization will enable the board to justly and equitably equalize assessments in accordance with law.

(c) If the state board of equalization deems it necessary to increase or decrease appraised values of properties of a taxing jurisdiction, or any part of the jurisdiction, in a manner that affects properties in general rather than individual properties, it is not necessary that the state board notify each individual property owner as provided in § 67-5-1510; provided, that the board shall cause to be published at least once, in a newspaper of general circulation within the taxing jurisdiction affected by the action of the board, a notice of the action of the state board.