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Bill > HB2638

TN HB2638

TN HB2638
As introduced, prohibits local governments, including special school districts, from levying real property taxes in an amount that would cause local governments to realize an increase in total revenue exceeding inflation plus 2 percent, or over a period of three tax years, inflation plus 6 percent, unless a referendum election is held by the local government to raise the tax above such amount and the referendum passes by a majority vote of the electorate. - Amends TCA Title 48 and Title 67, Chap

summary

Introduced
02/05/2020
In Committee
02/10/2020
Crossed Over
Passed
Dead
06/19/2020

Introduced Session

111th General Assembly

Bill Summary

As introduced, prohibits local governments, including special school districts, from levying real property taxes in an amount that would cause local governments to realize an increase in total revenue exceeding inflation plus 2 percent, or over a period of three tax years, inflation plus 6 percent, unless a referendum election is held by the local government to raise the tax above such amount and the referendum passes by a majority vote of the electorate. - Amends TCA Title 48 and Title 67, Chapter 5.

AI Summary

This bill prohibits local governments, including special school districts, from increasing real property tax rates by more than inflation plus 2% in a single year or inflation plus 6% over a 3-year period, unless a referendum is held and approved by a majority of voters. The key terms are "inflation" (measured by the consumer price index), "local government" (cities, towns, counties, and special school districts), "new construction" (additions to real property), and "total revenue" (excluding new revenue from new construction). If the local government wants to raise taxes above these limits, they must hold a referendum election where a majority of voters must approve the proposed tax rate increase.

Committee Categories

Government Affairs, Housing and Urban Affairs

Sponsors (1)

Last Action

Taken off notice for cal in s/c Property & Planning Subcommittee of Local Committee (on 03/10/2020)
(1 Companion Bills)

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