Bill > SB0431

This bill modifies Tennessee's property tax assessment rules for properties damaged or destroyed by disasters between September 1 and December 31 of any year. Specifically, the bill requires property assessors to adjust property assessments when a building is moved, demolished, destroyed, or substantially damaged by events like fire, flood, or wind, and not restored before the next year. For such properties, assessors must prorate the property's assessment for the portion of the year affected and apply that prorated amount to the subsequent tax year. The bill provides additional provisions for properties in areas with presidential disaster declarations, allowing property owners to apply for tax relief if their building is destroyed or substantially damaged for more than 30 days. Property owners must apply for this relief to the local assessor by January 1 of the following year (or by June 30, 2025, for the 2024 tax year), and the provision requires approval by a two-thirds vote of the local governing body. The bill is retroactively effective to January 1, 2024, and aims to provide tax relief for property owners whose buildings are significantly impacted by disasters during the latter part of the calendar year.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0431&ga=114