Bill > SB0651

This bill amends Tennessee's property tax relief program for disabled veterans by changing how property tax reimbursement is calculated. Currently, when determining tax relief, the assessed value is multiplied by an adjusted tax rate that reflects the relationship between appraised and market value. The bill modifies this calculation so that the assessed value on the first $175,000 of a disabled veteran's home's full market value will instead be multiplied directly by the jurisdiction's standard ad valorem (property) tax rate. The bill maintains the existing provisions that the reimbursement applies to the first $175,000 of the property's full market value, with the assessed value still calculated by multiplying the full market value by 25%. The changes will take effect for tax years beginning on or after July 1, 2025, potentially simplifying the tax relief calculation and potentially providing more consistent or predictable tax relief for eligible disabled veterans. The modification aims to make the property tax relief calculation more straightforward while preserving the core benefit of reducing property tax burden for disabled veterans.

Budget and Finance, Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0651&ga=114