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TN SB0327
TN SB0327AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 5, relative to property classification and assessment.
summary
Introduced
01/27/2025
01/27/2025
In Committee
Crossed Over
Passed
Dead
Introduced Session
114th General Assembly
Bill Summary
As introduced, revises the definition of "residential property" for purposes of classification and assessment of property taxes to include property that can be sold and purchased as a single unit fee simple title, regardless of whether it is vacant, owner-occupied, rented, or detached or attached. - Amends TCA Title 67, Chapter 5.
AI Summary
This bill modifies the definition of "residential property" in Tennessee's property tax classification law to clarify and expand the classification criteria. Specifically, the bill broadens the definition to include any real property that can be sold and purchased as a single unit with a fee simple title, regardless of its current use or physical configuration. This means properties can be classified as residential whether they are vacant, owner-occupied, rented, or whether they are detached or attached structures. The existing law previously only specified properties used for dwelling purposes, while this amendment provides a more comprehensive definition based on the property's potential for residential use and transferability. The bill maintains the existing limit of containing no more than one rental unit. The changes will take effect immediately upon becoming law, with the stated purpose of serving the public welfare by providing clearer guidelines for property tax classification.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Assigned to General Subcommittee of Senate State & Local Government Committee (on 03/25/2025)
bill text
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bill summary
Document Type | Source Location |
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State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0327&ga=114 |
Fiscal Note - HB0319 | https://www.capitol.tn.gov/Bills/114/Fiscal/HB0319.pdf |
BillText | https://www.capitol.tn.gov/Bills/114/Bill/SB0327.pdf |
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