Bill > SB0126

This bill amends Tennessee's tax code to require that half of the recordation taxes collected from real property transfers be returned to the county where the property is located. Specifically, the bill mandates that the state department of revenue must remit 50% of recordation taxes back to the respective county from which they were originally collected. Recordation taxes are fees paid when real estate ownership is officially recorded in county records, and this bill aims to provide a direct financial benefit to local counties from these tax collections. The new provision will apply to real property transfers on or after July 1, 2025, giving local governments a new source of revenue. This change does not affect existing provisions for commissions, fees, or specific account credits related to realty transfer taxes. The bill represents a mechanism to redistribute tax revenue more directly to local jurisdictions, potentially providing additional funds for county services and infrastructure.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0126&ga=114