Bill > SB2383

This bill, effective January 1, 2027, amends Tennessee law regarding property taxes by establishing limitations on the rates that counties and municipalities can set. Specifically, it caps the property tax rate for counties at three dollars ($3.00) per hundred dollars of assessed value, and for municipalities at two dollars and fifty cents ($2.50) per hundred dollars of assessed value, meaning the amount of tax levied is based on the value of the property. These new limitations are explicitly stated to supersede any other provisions that might allow for higher rates.