Bill > HB1716

This bill modifies how residential property is valued for tax purposes and provides protections against tax sales for long-term homeowners. Specifically, it establishes that the value of residential property for tax assessment will be the higher of the most recent sale price or the value determined by a financial institution when the owner refinances a mortgage or uses the property as collateral for a loan, with these new valuation rules applying to sales or appraisals after December 31, 2020, and existing appraisals remaining valid until December 31, 2026, or until a sale or refinancing occurs. Furthermore, it prohibits the sale of a principal residence to satisfy a property tax debt if the owner has lived there for 10 years or more and is a U.S. citizen, and in such cases, interest on the tax debt will not accrue until the property is sold or transferred to a new owner.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1716&ga=114