Amends TCA Title 67, Chapter 5.
Generally under present property tax law, residential property and industrial and commercial property are assessed differently. Present law defines "residential property" as all real property that is used, or held for use, for dwelling purposes and that contains not more than one rental unit. Under present law, all real property that is used, or held for use, for dwelling purposes, that contains two or more rental units, is classified as industrial and commercial property. This bill specifies that all time-share and vacation club property that includes an interest in real property constitutes residential property.<br /> <br />
Generally under present property tax law, residential property and industrial and commercial property are assessed differently. Present law defines "residential property" as all real property that is used, or held for use, for dwelling purposes and that contains not more than one rental unit. Under present law, all real property that is used, or held for use, for dwelling purposes, that contains two or more rental units, is classified as industrial and commercial property. This bill specifies that all time-share and vacation club property that includes an interest in real property constitutes residential property.<br /> <br />
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