Bill > SB2416

This bill amends Tennessee Code Annotated, Title 67, Chapter 5, which deals with property taxes, by creating an exception to the general rule that mineral and other separate interests in real property must be assessed to the owner of that real property. Specifically, the bill states that if a lessee or sublessee has a lawful agreement with a state or local government for payments in lieu of taxes (meaning payments made instead of regular property taxes), or if the lessee is a specific type of entity related to a housing authority and the improvements are used for affordable housing, then these interests will not be assessed to the owner of the real property. Instead, in these specific situations, the property will be assessed solely to the governmental entity, such as a housing authority, and will be subject to any applicable tax exemptions. This change aims to adjust how certain property interests are taxed when they involve government agreements or affordable housing initiatives.

https://wapp.capitol.tn.gov/apps/Billinfo/Default?BillNumber=SB2416&ga=114