Bill > SB2064

This bill requires local governmental entities in Tennessee, such as counties and cities, to hold a referendum, which is a public vote, before they can increase property taxes beyond certain limits. Specifically, a local government cannot increase its total revenue from property taxes by more than the rate of inflation plus two percent, or by more than inflation plus six percent over a three-year period, unless voters approve the increase in a referendum. "Inflation" is defined as the most recent percentage change in the consumer price index, and "total revenue" excludes taxes collected from new construction. If a local government wishes to exceed these limits, its governing body must pass a resolution or ordinance by a two-thirds vote to call for a referendum election, which must be held during a general election in November. The bill also clarifies that these limitations do not apply to taxes levied to pay for bonds, actions taken by the comptroller of the treasury, or changes to utility rates.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB2064&ga=114